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On October 1, 2019, Ivanhoe Manufacturing Company purchased a piece of high-tech equipment for $90,500 cash. Ivanhoe estimated the equipment would have a 6-year useful

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On October 1, 2019, Ivanhoe Manufacturing Company purchased a piece of high-tech equipment for $90,500 cash. Ivanhoe estimated the equipment would have a 6-year useful life and a residual value of $8,900. The company uses straight-line depreciation and has a September 30 fiscal year end. On October 1, 2021, Ivanhoe paid $15.400 cash to upgrade the equipment. It is expected that the upgrade will significantly reduce the operating costs of the equipment. Ivanhoe also reviewed the equipment's expected useful life and estimated that, due to changing technology, the equipment's total expected useful life will be 6 years and its residual value will be $4,900. Your answer is incorrect Calculate the annual depreciation expense for the first two years of the equipment's life, Annual depreciation expense $ 89683 per year Your answer is incorrect. Calculate the carrying amount of the equipment at September 30, 2021. Carrying amount $ e Textbook and Media List of Accounts Record the expenditure to upgrade the equipment on October 1, 2021. (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.) Debit Credit Date Account Titles and Explanation Oct. Equipment 1 Cash (To record upgrade to equipment) e Textbook and Media List of Accounts Record the annual depreciation of the equipment on September 30, 2022. (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) Date Account Titles and Explanation Sept. Depreciation Expense Debit Credit 30 Accumulated Depreciation Equipment (To record depreciation expense.) eTextbook and Media List of Accounts

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