Question 33 Ivanhoe company has a December 31 year end and uses straight line depreciation for all property, plant, and equipment. On July 1, 2019, the company purchased equipment for $520,000. The equipment had an expected useful life of 10 years and no residual value. The company uses the nearest month method for partial year depreciation On December 31, 2020, after recording annual depreciation, Ivanhoe reviewed its equipment for possible impairment, Ivanhoe determined that the equipment has a recoverable amount of $271,000. It is not known if the recoverable amount will increase or decrease in the future, Prepare journal entries to record the purchase of the asset on July 1, 2019, and to record depreciation expense on December 31, 2019, and December 31, 2020. (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. Record foumal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit (To record cashi purchase of equipment.) (To record depreciation expense) v o record depreciation expense.) STANDARD VIEW TNT VERSION Determine there is an impairment loss at December 31, 2020, Impairment loss Prepare a journal entry to record it. (Credit account titles are automatically indented when the amount is enfor. Do not indent mantally. If ne ofry is required "No Entry for the account titles and enter for the amounts) Date Debat Act Titles and explanation Credit Dec 31,3020 (To record impairment loss) Calculate depreciation expense for 2021 and the carrying amont of the equament at December 31, 2021. Cound answers to decimal places .. 275.) Depreciation expense Carrying amount Question Attempts: 0 of 1 used SAVE FOR LATER SUSHIT ANSWE 9:33 AM leplus.com/eugen/shared/g/hestatunida260405410138 Type here to search A ENG 6 E R. T K K