Ivanhoe Company purchased a delivery truck for $32,000 on July 1, 2022. The truck has an expected salvage value of $10,000, and is expected to be driven 100,000 miles over its estimated useful life of 8 years. Actual miles driven were 15,000 in 2022 and 12,000 in 2023. Ivanhoe uses the straight-line method of depreciation

Exercise 9-06 Ivanhoe Company purchased a delivery truck for $32,000 on July 1, 2022. The truck has an expected salvage value of $10,000, and is expected to be driven 100,000 miles over its estimated useful life of 8 years. Actual miles driven were 15,000 in 2022 and 12,000 in 2023. Ivanhoe uses the straight-line method of depreciation. Your answer is partially correct. Try again. Compute depreciation expense for 2022 and 2023. Depreciation Expense 2022 2023 Straight-line method 1375 $ Prepare the journal entry to record 2022 depreciation. (Credit account ttles are automatically Indented when amount is entered. Do not Indent manually. If no entry is required, select "No Entry" for the account titles and enter o for the amounts.) Account Titles and Explanation Debit Credit Depreciation Expense Accumulated Depreciation-Equipment SHOW LIST OF ACCOUNTS LINK TO TEXT Your answer is partially correct. Try again. Prepare the journal entry to record 2023 depreciation. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account tities and enter o for the amounts.) Debit Credit Account Titles and Explanation Depreciation Expense Accumulated Depreciation-Equipment Your answer is partially correct. Try again. Show how the truck would be reported in the December 31, 2023, balance sheet. IVANHOE COMPANY Partial Balance Sheet December 31, 2023 Equipment 32000 Less Accumulated Depreciation-Equipment $