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The information that follows relates to equipment owned by Waterway Limited at December $31,2023$ : Cost $ $9,720,000$ Accumulated depreciation to date $1,080,000$ Expected future net cash flows $($ undiscounted $)7,560,000$ Expected future net cash flows $($ discounted $,$ value in use $)6,858,000$ Fair value $6,696,000$ Costs to sell $($ costs of disposal $)54,000$ Assume that Waterway will continue to use this asset in the future $.$ As at December $31,2023,$ the equipment has a remaining useful life of four years $.$ Waterway uses the straight $-$ line method of depreciation $($ a $)1$ Prepare the journal entry at December $31,2023,$ to record asset impairment $,$ if any $2.$ Prepare the journal entry to record depreciation expense for $20243.$ The equipment's fair value at December $31,2024,$ is $ $7\mathrm{.}02$ 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 required $,$ select No Entry $"$ for the account titles and enter for the amounts List all debit entries before credit entries $.)$ Debit Credit Date Account Titles and Explanation December $1944000$ Loss on Impairment $31,20231944000$ Accumulated Impairment Losses $-$ Equipment $1674000$ December Depreciation Expense $31,20241674000$ Accumulated Depreciation Equipment December No Entry $31,2024$ No EntryRepeat the requirements in part $($ a $)$ above assuming that Waterway 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 for the amounts $.$ List all debit entries before credit entries $)$ Date Account Titles and Explanation Debit Credit December Loss on Impairment $31,20231944000$ Accumulated Depreciation Equipment $1944000$ December $31,2024$ Depreciation Expense $1674000$ Accumulated Depreciation $-$ Equipment $1674000$ December $31,2024$ NEED JOURNAL ENTRY UNDER IFRS

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