Ivanhoe Co. purchased equipment on March 1, 2019, for $82,500 on account. The equipment had an estimated useful life of five years, with a residual value of $5,000. The equipment is disposed of on February 1, 2022. Ivanhoe Co. uses the diminishing-balance method of depreciation with a 20% rate and calculates depreciation for partial periods to the nearest month. The company has an August 31 year end. Record the acquisition of the equipment on March 1, 2019. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter Ofor the amounts.) Debit Credit Date Account Titles and Explanation Mar. 1 (To record purchase of equipment on account.) List of Accounts Record depreciation at August 31, 2019, 2020, and 2021. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter Ofor the amounts.) 2019 Debit Credit Date Account Titles and Explanation Aug. 31 (To record depreciation expense.) 2020 Debit Credit Date Account Titles and Explanation Aug. 31 (To record depreciation expense.) 2021 Account Titles and Explanation Debit Credit Date Aug. 31 (To record depreciation expense.) List of Accounts Record the disposal on February 1, 2022, under the following assumptions: (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter for the amounts.) 1. 2. 3. 4. It was scrapped with no residual value. It was sold for $48,090. It was sold for $38,580. It was traded for new equipment with a list price of $92,750. Ivanhoe was given a trade-in allowance of $48,750 on the old equipment and paid the balance in cash. Ivanhoe determined the old equipment's fair value to be $40,730 at the date of the exchange. Debit Credit Date Account Titles and Explanation 2022 Feb. 1 (To record depreciation expense.) 1. Feb. 1 (To record disposal.) 2. Feb. 1 (To record disposal.) 2 . Feb. 1 (To record disposal.) 3. Feb. 1 (To record disposal.) 4. Feb. 1 (To record disposal.) List of Accounts