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Assume that Bonita is a private company that follows ASPE.

Prepare the journal entry at December $31,2023,$ to record asset impairment, if any.

Prepare the journal entry to record depreciation expense for $2024.$

The equipment's fair value at December $31,2024,$ is $$6\mathrm{.}76$ 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 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.$)$The information that follows relates to equipment owned by Bonita Limited at December $31,2023$:

Assume that Bonita will continue to use this asset in the future. As at December $31,2023,$ the equipment has a remaining useful life of

four years. Bonita uses the straight$-$line method of depreciation.