View Policies Current Attempt in Progress Ivanhoe Enterprises purchased equipment on January 1, 2020, at a cost of 379,000. Ivanhoe uses the straight-line depreciation method, a 5-year estimated useful life, and no residual value. At the end of 2020, independent appraisers determined that the assets have a fair value of 315,000. Prepare the journal entry to record 2020 depreciation using the straight-line method. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Depreciation Expense Debit 75800 Credit