Ivanhoe Excavations Ltd. (IEL) operates specialized equipment for installing natural gas pipelines. IEL, which has a December 31 year end, began 2024 with a single piece of equipment that had been purchased on January 1, 2021, for $44,000 and a truck that had been purchased on January 1,2023 , for $50,000. When the equipment vas purchased, IEL's management had estimated that the equipment Would have a residual value of $5,000 and a useful life of six years. When the truck was purchased, management determined that it would have a useful life of four years and a residual value of $4,000. On March 31, 2024, IEL sold this piece of equipment for $28,875 cash. On April 12, 2024, IEL purchased replacement equipment with double the capacity for $64,600 cash. IEL's management determined that this equipment would have a useful life of six years and a residual value of 57,000 . Prepare all necessary journal entries for the year ended December 31, 2024. Assume that IEL uses the straight-line depreciation method for its equipment and the double-diminishing-balance method for its trucks. (Record entries in the order displayed in the problem statement. Credit account titles are outomatically indented when the amount is entered. Do not indent manualiy. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. List all debit entries before credit entries.) (To record depreciation expense) (To record sale of equipment) (To record depreciation expense on equipment) (To record depreciation expense on truck)