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Ivanhoe Company sells office equipment on July 31, 2022, for $22.410 cash. The office equipment originally cost $81,920 and as of January 1, 2022, ha
Ivanhoe Company sells office equipment on July 31, 2022, for $22.410 cash. The office equipment originally cost $81,920 and as of January 1, 2022, ha m ed depreciation of $37,600 Depreciation for the first 7 months of 2022 is $4,580. Prepare the journal entries to (a) update depreciation to July 31, 2022, and record the sale of the equipment. (Cred account titles 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 for the amounts) No. Account Titles and Explanation Debit Credit estions Open Show Work Brief Exercise 9-13 Sunland Chemicals Company acquires a delivery truck at a cost of $39,700 on January 1, 2022. The truck is expected to have a salvage value of $2,200 at the end of its 4-year useful life. Assuming the declining balance depreciation rate is double the straight line rate, compute annual depreciation for the first and second years under the declining balance method Second Year Annual depreciation under declining balance methods
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