Ivanhoe cORPORATION PURCHASED EQUIPMENT FOR $63,500 ON JANUARY 1, 2021. iT WAS depreciated based on a seven -year life and an $17,650 residual value. On January 1, 2023, Ivanhoe revised these estimates to total useful life of four year and a residual value of $11,100. Prepare Ivanhoes's entry to record 2023 depreciation expense. Assume that Ivanhoe follows IFRS AND USES STARAIGHT-line depreciation