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  3. (a) on january 1,2024, ivanhoe ltd. purchased a

(a) On January 1,2024, Ivanhoe Ltd. purchased a piece of equipment for $15,000....

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Accounting

(a)
On January 1,2024, Ivanhoe Ltd. purchased a piece of equipment for $15,000. At the time, management determined that the equipment would have a residual value of $3,000 at the end of its five-year life. Ivanhoe has a December 31 year end and uses the straight-line depreciation method. (Record journal entries in the order presented in the problem. Credit account titles are automatically indented when the 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. List all debit entries before credit entries.)
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