3. Callon Co. uses the composite method to depreciate its equipment. The following totals are for all of the equipment in the group: Initial Residual Value $100,000 Depreciable Cost $900,000 Depreciation Per Year $90,000 $1,000,000 Instructions (a) What is the composite rate of depreciation? (To nearest tenth of a percent.) (b) A machine with a cost of $25,000 was sold for $15,000 at the end of the third year. What entry should be made