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Ivanhoe Productions Corp. purchased equipment on March 1, 2018, for $70,000. The company estimated the...

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Accounting

Ivanhoe Productions Corp. purchased equipment on March 1, 2018, for $70,000. The company estimated the equipment would have a useful life of three years and produce 12,000 units, with a residual value of $8,200. During 2018, the equipment produced 4,900 units. On November 30, 2019, the machine was sold for $16,000 and had produced 5,900 units that year.

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