Dixon Products, an IFRS reporter, reported an impairment loss of $62,000 for one of its plant assets on December 31, 2022. At December 31, 2023, the asset's recoverable amount increased by $85,000. The current carrying value is $118,000 less than it would have been if the asset had not been impaired. The recoverable amount does not exceed the original carrying value net of accumulated depreciation as if the asset was not impaired. Can Dixon record a recovery? Prepare the journal entry to record the recovery if it is permitted. First, determine whether Dixon can record the recovery. Dixon can record the recovery but only up to previously recognized impairment losses. Now, prepare the journal entry to record the recovery, if it is permitted, on December 31, 2023. (Record debits first, then credits. Exclude explanations from any journal entries. If no entry is required, select "No entry required" on the first account line and leave the remaining cells blank.) Account December 31, 2023 31, 2022. At December 31, 2023, the asset's recoverable amount increased by $85,000. The current carrying is $118,000 less than it would have been if the asset had not been impaired. The recoverable amount does n exceed the original carrying value net of accumulated depreciation as if the asset was not impaired. Can Dixc record a recovery? Prepare the journal entry to record the recovery if it is permitted. F No entry required [Gain on Reversal of Impairment Loss of Plant Asset Loss on Reversal of Impairment Loss of Plant Asset Plant Asset Plant Asset Held for Sale December 31, 2023. (Record debits firs required, select "No entry required" on th ecember 31, 2023