Icognc any partCIC IUSS. 7.4 Impairment of an individual asset * LO3, 4 On 1 July 2023 an item of equipment is acquired at a cost of $3 million. The asset is to be depreciated using the straight-line method on the basis of an estimated useful life of 15 years and a negligible residual value. On 30 June 2026 it is determined that the asset has a value in use of $2 million and a fair value of $1.8 million before costs of disposal of $50 000. The remaining useful life of the asset is reassessed to be 8 years. On 30 June 2028 it is determined that the asset has a value in use of $1.2 million and a fair value of $1.1 million before costs of disposal of $50 000. The remaining useful life of the asset is reassessed to be 5 years. Required Prepare the journal entries for any depreciation and impairment adjustments on the following dates. 1. 30 June 2026 2. 30 June 2028 3. 30 June 2029