Question 4 of 7 View Policies Show Attempt History < > Current Attempt in Progress 6.67/20 Ivanhoe Company sells equipment on March 31, 2024, for $32,325 cash. The equipment was purchased on January 5, 2021, at a cost of $80,000, and had an estimated useful life of five years and a residual value of $3,000. Ivanhoe Company uses straight-line depreciation for equipment. Adjusting journal entries are made annually at the company's year end, December 31.