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Current Attempt in Progress The information that follows relates to equipment owned by Gaurav Limited...

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Accounting

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Current Attempt in Progress The information that follows relates to equipment owned by Gaurav Limited at December 31, 2023: Assume that Gaurav will continue to use this asset in the future. As at December 31, 2023, the equipment has a remaining useful life of four years. Gaurav uses the straight-line method of depreciation. (a) Assume that Gaurav is a private company that follows ASPE. 1. Prepare the journal entry at December 31,2023 , to record asset impairment, if any. 2. Prepare the journal entry to record depreciation expense for 2024. 3. The equipment's fair value at December 31,2024 , is $6.50 million. Prepare the journal entry, if any, to record the increase in fair value. (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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