Ivanhoe Company sells equipment on March $31,2024,$ for $$32,325$ cash. The equipment was purchased on January $5,2021,$ at a cost

of $$80,000,$ and had an estimated useful life of five years and a residual value of $$3,000.$ Ivanhoe Company uses straight$-$line

depreciation for equipment. Adjusting journal entries are made annually at the company's year end, December $31.$

$($a$)$

Your answer is correct.

Prepare the journal entry to update depreciation to March $31,2024.($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. List debit entry before credit entry.$)$

Date

Account Titles

Debit

Credit

Mar. $31$

Depreciation Expense

Accumulated Depreciation $-$ Equipment prepare journal entry to record sale of equipment