List of Accounts Accumulated Depletion Accumulated Depreciation Vehicles Accumulated Depreciation Buildings Accumulated Depreciation Equipment Accumulated Depreciation Furniture Accumulated Depreciation Machinery Accumulated Depreciation Vehicles Accumulated Impairment Losses Building Accumulated Impairment Losses Equipment Accumulated Impairment Losses Land Accumulated Impairment Losses Machinery Accumulated Impairment Losses Mine Accumulated Impairment Losses Patents Accumulated Impairment Losses Vehicles Allowance for Loss on Write down of Held for Sale Assets Asset Retirement Obligation Buildings Cash Common Shares Contribution Expense Cost of Goods Sold Deferred Revenue Government Grants Depreciation Expense Equipment Exploration Expense Furniture Gain on Disposal of Vehicles Gain on Disposal of Building Gain on Disposal of Equipment Gain on Disposal of Furniture Gain on Disposal of Machinery Gain on Disposal of Vehicle Gain on Disposal of Land Interest Expense Interest Payable Inventory Investment Property Land Loss on Disposal of Vehicles Loss on Disposal of Building Loss on Disposal of Equipment Loss on Disposal of Machinery Loss on Disposal of Land Loss on Disposal of Vehicles Loss on Expropriation Loss on Impairment Loss on Write down of Held for Sale Assets Machinery Mineral Resources No Entry Notes Payable Oil Property Recovery of Loss from Impairment Recovery of Loss from Write down of Held for Sale Assets Repairs and Maintenance Expense Retained Earnings Revaluation Surplus (OCI) Revenue Government Grants Royalty Expense Vehicles The information that follows relates to equipment owned by Bonita Limited at December 31, 2020 Cost Accumulated depreciation to date Expected future net cash flows (undiscounted) Expected future net cash flows (discounted, value in use) Fair value Costs to sell (costs of disposal) $9,360,000 1,040,000 7,280,000 6,604,000 6,448,000 52,000 Assume that Bonita will continue to use this asset in the future As at December 31, 2020, the equipment has a remaining useful life of four years Bonita uses the straight line method of depreciation Assume that Bonita is a private company that follows ASPE 1 2 Prepare the journal entry at December 31, 2020, to record asset impairment, if any Prepare the journal entry to record depreciation expense for 2021 The equipment's fair value at December 31, 2021 is $6 76 million Prepare the journal entry, if any, to record the increase in fair value 3 (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 ) No Account Titles and Explanation Debit Credit Date December 31, 2020 (1) (2) December 31, 2021 (3) December 31, 2021 Repeat the requirements in (a) above assuming that Bonita 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 O for the amounts ) No Account Titles and Explanation Debit Credit Date December 31, 2020 (1) (2) December 31, 2021 (3) December 31, 2021

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List of Accounts: Accumulated Depletion Accumulated Depreciation - Vehicles Accumulated Depreciation - Buildings Accumulated Depreciation - Equipment Accumulated Depreciation - Furniture Accumulated Depreciation - Machinery

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List of Accounts:

Accumulated Depletion
Accumulated Depreciation - Vehicles
Accumulated Depreciation - Buildings
Accumulated Depreciation - Equipment
Accumulated Depreciation - Furniture
Accumulated Depreciation - Machinery
Accumulated Depreciation - Vehicles
Accumulated Impairment Losses - Building
Accumulated Impairment Losses - Equipment
Accumulated Impairment Losses - Land
Accumulated Impairment Losses - Machinery
Accumulated Impairment Losses - Mine
Accumulated Impairment Losses - Patents
Accumulated Impairment Losses - Vehicles
Allowance for Loss on Write-down of Held for Sale Assets
Asset Retirement Obligation
Buildings
Cash
Common Shares
Contribution Expense
Cost of Goods Sold
Deferred Revenue - Government Grants
Depreciation Expense
Equipment
Exploration Expense
Furniture
Gain on Disposal of Vehicles
Gain on Disposal of Building
Gain on Disposal of Equipment
Gain on Disposal of Furniture
Gain on Disposal of Machinery
Gain on Disposal of Vehicle
Gain on Disposal of Land
Interest Expense
Interest Payable
Inventory
Investment Property
Land
Loss on Disposal of Vehicles
Loss on Disposal of Building
Loss on Disposal of Equipment
Loss on Disposal of Machinery
Loss on Disposal of Land
Loss on Disposal of Vehicles
Loss on Expropriation
Loss on Impairment
Loss on Write-down of Held for Sale Assets
Machinery
Mineral Resources
No Entry
Notes Payable
Oil Property
Recovery of Loss from Impairment
Recovery of Loss from Write-down of Held for Sale Assets
Repairs and Maintenance Expense
Retained Earnings
Revaluation Surplus (OCI)
Revenue - Government Grants
Royalty Expense
Vehicles

The information that follows relates to equipment owned by Bonita Limited at December 31, 2020: Cost Accumulated depreciation to date Expected future net cash flows (undiscounted) Expected future net cash flows (discounted, value in use) Fair value Costs to sell (costs of disposal) $9,360,000 1,040,000 7,280,000 6,604,000 6,448,000 52,000 Assume that Bonita will continue to use this asset in the future. As at December 31, 2020, the equipment has a remaining useful life of four years. Bonita uses the straight-line method of depreciation. Assume that Bonita is a private company that follows ASPE. 1. 2. Prepare the journal entry at December 31, 2020, to record asset impairment, if any. Prepare the journal entry to record depreciation expense for 2021. The equipment's fair value at December 31, 2021 is $6.76 million. Prepare the journal entry, if any, to record the increase in fair value. 3. (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.) No. Account Titles and Explanation Debit Credit Date December 31, 2020 (1) (2) December 31, 2021 (3) December 31, 2021 Repeat the requirements in (a) above assuming that Bonita 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 O for the amounts.) No. Account Titles and Explanation Debit Credit Date December 31, 2020 (1) (2) December 31, 2021 (3) December 31, 2021