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The information that follows relates to equipment owned by Bonita Limited at December 31, 2023:...

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Accounting

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The information that follows relates to equipment owned by Bonita Limited at December 31, 2023: Assume that Bonita will continue to use this asset in the future. As at December 31,2023 , the equipment has a remaining useful life of four years. Bonita uses the straight-line method of depreciation. Assume that Bonita 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 $7.67 million. Prepare the journal entry, if any, to record the increase in fair value. No. Date (1) December 31,2023 (2) December (3) December Repeat the requirements in part (a) above assuming that Bonita is a public company that follows IFRS. (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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