Ivanhoe Company started business on January $1,2024.$ Some of the events that occurred in its first year of operations follow:

Transactions

Equipment that cost $$158,000$ was purchased on February $1$ for $$34,100$ cash plus a two$-$year, $4\%$ note with a principal amount of $$123,900.$

During the year, inventory costing $$109,120$ was purchased, all on account.

An insurance policy was purchased on March $31$ for $$1,836.$ The insurance policy was for one year of coverage that began on April $1,2024.$

Sales to customers totalled $$194,370.$ Of these, $$44,330$ were cash sales.

Payments to suppliers for inventory that had been purchased earlier totalled $$54,560.$

Collections from customers on account during the year totalled $$122,760.$

On January $30,$ customers paid $$12,390$ in advance payments for goods that will be delivered later.

Wages totalling $$49,560$ were paid to employees during the year.

The board of directors declared dividends of $$8,260$ in December $2024,$ to be paid in January $2025.$

Adjusting items

$10.$ A physical count at year end revealed $$33,040$ of unsold inventory still on hand.

$11.$ It was determined that $30\%$ of the goods that were paid for in advance $($in item $7)$ had been delivered to the customers by the end of the year.

$12.$ Recorded the insurance expense for the year.

$13.$ The equipment that was purchased $($in item $1)$ on February $1,2024,$ is to be depreciated using the straight$-$line method, with an estimated useful life of $20$ years and an estimated residual value of $$50,000.$

$14.$ Recorded the interest expense on the note payable for the year.

$15.$ In addition to the wages that were paid during the year, wages of $$4,956$ remained unpaid at the end of the year.

Prepare journal entries for each of the above transactions and adjusting items. $($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.$)$