2. Prepare the journal entry to record depreciation expense for 2018. . 3. The equipment's fair value at December 31, 2018, is $6.5 million. Prepare the journal entry, if any, to record the increase in fair value. (b) Repeat the requirements in (@) above assuming that Gaurav is a public company that follows IFRS. (c) Referring to the qualitative characteristics identified in the conceptual framework for financial reporting (discussed in Chapter 2), discuss the differences between the cost recovery impairment model and the rational entity impairment model. Which method is preferred