You have been assigned to examine the financial statements of Ivanhoe Company for the year ended December $31,2025.$ You discover the following situations.

Depreciation of $$2,900$ for $2025$ on delivery vehicles was not recorded.

The physical inventory count on December $31,2024,$ improperly excluded merchandise costing $$19,900$ that had been temporarily stored in a public warehouse. Ivanhoe uses a periodic inventory system.

A collection of $$5,600$ on account from a customer received on December $31,2025,$ was not recorded until January $2,2026.$

In $2025,$ the company sold for $$3,900$ fully depreciated equipment that originally cost $$23,700.$ The company credited the proceeds from the sale to the Equipment account.

During November $2025,$ a competitor company filed a patent$-$infringement suit against Ivanhoe claiming damages of $$201,000.$ The company's legal counsel has indicated that an unfavorable verdict is probable and a reasonable estimate of the court's award to the competitor is $$116,300.$ The company has not recorded or disclosed this situation in the financial statements.

Ivanhoe has a portfolio of trading investments. No entry has been made to adjust to market. Information on cost and fair value is as follows.

$\backslash$table$[[,$Cost,,Fair Value$],[$December $31,2024,$$$101,100,,$$$101,100$