Ivanhoe Company owns equipment that cost $47,000 when purchased on January 2, 2024. It has been depreciated using the straight- line method based on estimated residual value of $5,000 and an estimated useful lide of five years.

Following are the four independent situations.

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Prepare Ivanhoe Company's journal entry to record the sale of the equipment for $4,500 on January 2.2027.