On July $1,2020,$ Ivanhoe Company acquired a new machine for $$172,000$ and estimated it would have a useful life of $10$ years and residual value of $$6,700.$ At the beginning of $2023,$ the company decided that the machine would be used for nine more years $($including all of $2023),$ and at the end of this time its residual value would be only $$1,075.$ On November $1,2024,$ the machine was sold for $$82,000.$ The company uses the straight$-$line method of depreciation and closes its books on December $31.$

Give the necessary journal entries for the acquisition, depreciation, and disposal of this asset for the years $2020,2023,$ and $2024.($Record entries in the order displayed in the problem statement. 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. List all debit entries before credit entries. Round answers to $0$ decimal places, e$.$g$.2,345.)$

Date

Account Titles and Explanation

Debit

Credit

$($To record depreciation expense$)$

$($To record sale of equipment$)$

Fill out blank entries in chart