Ivanhoe Ltd. purchased a delivery truck on January 1, 2021, at a cost of $78,800. The truck is expected to have a residual value of $8,300 at the end of its 4-year useful life. Ivanhoe has a December 31 year end. Use the diminishing balance method and assume the depreciation rate is equal to double the straight-line rate. (a) Your answer is incorrect. Calculate the depreciation for each year of the truck's life (Round answers to decimal places, eg. 5,275) Depreciation expense 2021 1 $ 2022 $ $ 2023 2024 $ Crane Limited sells equipment on September 30, 2021, for $37,960 cash. The equipment originally cost $138 340 when purchased on January 1, 2019. It has an estimated residual value of $4,180 and a useful life of five years. Depreciation is recorded annually and was last recorded on December 31, 2020, the company's year end. Record debit side accounts first followed by credit side accounts. (a) Prepare the journal entry to update depreciation using the straight-line method to September 30, 2021. (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 for the amounts.) Account Titles and Explanation Debit Credit