record transaction

On May 28, 2021, Ivanhoe Services purchased equipment for $102,000, giving the supplier a 1-year note at 6% (due at maturity) for $79,810, and paid the balance with cash. Ivanhoe also paid Wu Engineering $7.200 cash for installing the equipment on May 30. The equipment's useful life was estimated to be five years, with an $18,000 residual value. The straight-line method of depreciation is used for equipment and Ivanhoe has a calendar year end. On October 4, 2023, the equipment was destroyed in an accident. Ivanhoe received $61 730 cash as insurance proceeds for the equipment