urrent Attempt in Progress Ivanhoe Company sells office equipment on July 31,2025 , for $22,410 cash. The office equipment originally cost $81,920 and as of January 1,2025 , had accumulated depreciation of $37,600. Depreciation for the first 7 months of 2025 is $4,580. Prepare the journal entries to (a) update depreciation to July 31, 2025, and (b) record the sale of the equipment. (List all debit entries before credit entries. Credit account titles are automatically indented when 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.) eTextbook and Media List of Accounts Attempts: 0 of 3 used Sheridan Cosmetics Corporation purchased land adjacent to its plant to improve access for trucks making deliveries. Expenditures incurred in purchasing the land were as follows: purchase price, $57,400; broker's fees, $5,170; title search and other fees, $4,170; demolition of an old building on the property, $4,870; grading, $970; digging foundation for the road, $2,770; laying and paving driveway, \$27,400; lighting $7,570; signs, $1,570. List the items and amounts that should be included in the Land account. Blossom Company purchases a patent for $158,000 on January 2,2025 . Its estimated useful life is 8 years. (a) Prepare the journal entry to record amortization expense for the first year. (List debit entry before credit entry. Credit account titles are automatically indented when 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.) (b) Show how this patent is reported on the balance sheet at the end of the first year. Current Attempt in Progress Ivanhoe Company uses the straight-line method of depreciation. The company's fiscal year end is December 31. The following transactions occurred during 2025. Jan. 1 Purchased equipment from the Kingbird Company on account for $13,300 plus sales tax of $1,625 and shipping costs of $485. May 13 Paid for $400 routine maintenance on the equipment. Dec. 31 Recorded 2025 depreciation on the basis of a 3-year life and estimated salvage value of $6,110. Prepare the necessary entries. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually. List all debit entries before credit entries.)