Need correction

INST RUCTOR | | STANDARD VEW PRNTER VERSON 4 BACK NI Exercise 11-22 (Part Level Submission) The information that follows relates to equipment owned by Sweet Acacia Li Cost Accumulated depreciation to date Expected future net cash flows (undiscounted) Expected future net cash flows (discounted, value in use) 6,985,000 Fair value Costs to sell (costs of disposal) mited at December 31, 2017: $9,900,000 1,100,000 7,700,000 6,820,000 55,000 Assume that Sweet Acacia will continue to use this asset in the future. As at December 31, 2017, the equipment has a remaining useful life of four years. Sweet Acacia uses the straight-line method of depreciation. 2 Your answer is partially correct. Try again. Assume that Sweet Acacia is a private company that follows ASPE 1. Prepare the journal entry at December 31, 2017, to record asset impairment, if any 2. Prepare the journal entry to record depreciation expense for 2018. 3. The equipment's fair value at December 31, 2018, is $7,15 million. Prepare the journal entry, if any, to record the increase in fair value Potential policy set by your in structor Your answer is partially correct. Try agair. Repeat the requirements in (a) above assuming that Sweet Acacia is a public company that follows IFRS. (Credit account tith are automatically reically indented when the amount is entered. Do not indent manually. If no entry is required, seec Entry" for the account titles and enter 0 for the amounts.) No. Account Titles and Explanation (1) December 31, 2017 Loss on Impairment 1980000 980000 Equipment 1705000 (2) December 31, 2018 Depreciation Expense Accumulated Depreciation Equipment (3) December 31, 2018 No Entry No Entry