Ivanhoe Company Limited, a small company following ASPE, is adjusting and correcting its books at the end of $2023.$ In reviewing its Prepare the required journal entries to record any adjustments. $($List all debit entries before credit entries. 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 $0$ for the amounts.$)$

No$.$ Account Titles and Explanation

Debit

Credit

$$

No Entry

No Entry

$1$

records, it compiles the following information.

Ivanhoe has failed to accrue sales commissions payable at the end of each of the last two years, as follows $($the correct

amounts were paid$)$:

Dec. $31,2022$ $$6,080$

Dec. $31,2023,$$$3,810$

In reviewing the December $31,2023$ inventory, Ivanhoe discovered errors in its inventory$-$taking procedures that have

caused inventories for the past three years to be incorrect, as follows:

Dec. $31,2021$ Understated $$23,700$

Dec. $31,2022$ Understated $$25,700$

Dec. $31,2023$ Overstated $$9,350$

Ivanhoe has already made an entry that recognized the incorrect December $31,2023$ inventory amount.

In $2023,$ Ivanhoe changed the depreciation method on its office equipment from double$-$declining$-$balance to straight$-$line

because of a change in the pattern of benefits recelved. The equipment had an original cost of $$166,400$ when purchased on

January $1,2021.$ At that time, it was estimated that the office equipment had an eight$-$year useful life and no residual value.

Depreciation expense recorded prior to $2023$ under the double$-$declining$-$balance method was $$72,800.$ Ivanhoe has already

recorded $2023$ depreciation expense of $$23,400$ using the double$-$declining$-$balance method.

Before $2023,$ Ivanhoe accounted for its income from long$-$term construction contracts on the completed$-$contract basis

because it was unable to reliably measure the degree of completion or the estimated costs to complete. Early in $2023,$

Ivanhoe changed to the percentage$-$of$-$completion basis for financial accounting purposes. The change was a result of

experience with the projects and improved ability to estimate the costs to completion and therefore the percentage

complete. The completed$-$contract method will continue to be used for tax purposes. Income for $2023$ has been recorded

using the percentage$-$of$-$completion method. The following information is available:

Prepare the necessary journal entries at December $31,2023,$ to record the above corrections and changes as appropriate. The books

are still open for $2023.$ Because Ivanhoe has not yet recorded its $2023$ income tax expense and payable amounts, you may ignore tax