3. The information that follows relates to equipment owned by Coronado Limited at December 31, 2023 Cost $8,100,000 Accumulated depreciation to date 900,000 Expected future net cash flows (undiscounted) 6.300.000 Expected future net cash flows (discounted, value in use) 5.715.000 Fair value 5.580,000 Costs to sell (costs of disposal) 45,000 Assume that Coronado will continue to use this asset in the future. As at December 31, 2023, the equipment has a remaining useful life of four years. Coronado uses the straight-line method of depreciation (a) N' Cha Your answer is correct Assume that Coronado 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 202-4 3. The equipment's fair value at December 31, 2024, is $5.85 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 marsally if he entry is required select "Ne Entry for the account titles and enter O for the amounts List all debit entries before credit entries Date Account Titles and Explanation December 31, 2023 Los on Ingent December 31,2024 Accumulated t Depciation Expe Q Search Debit Credit 1420000 1371000 10000 (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 O for the amounts. List all debit entries before credit entries) Date: Account Titles and Explanation December Loss on Impairment 31, 2023 Accumulated Impairment Losses Equipment December 1 Depreciation Expense 31, 2024 Accumulated Depreciation Equipment December 31, 2024 No Entry No Entry eTextbook and Media List of Accounts Q Search Debit 1620000 1395000 Credit 1620000 1395000 10AM WY Your answer is partially correct. Repeat the requirements in part (a) above assuming that Coronado in 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 tiles and enter O for the amounts. List all debit entries before credit entries) 0. Date Account Titles and Explanation December 1) 31, 2023 Accuated into Cipt December 2) No Try 31, 2024 " December 31, 2024 No Entry Actua Q Search Debit Credit 1420000 14300 314000 35400