pleasr explain how its done

The information that follows relates to equipment owned by Bonita Limited at December 31,2020 : At December 31, 2020, Bonita discontinues use of the equipment and intends to dispose of it in the coming year by selling it to a competitor. It is expected that the costs of disposal will total $55,500. Assume that Bonita is a private company that follows ASPE. (Credit occount titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the occount titles and enter o for the amounts.) 2. Prepare the journalentry to record depreciation expense for 2021 3. Assume that the asset was not soid by December 31, 2021. The equipment's fair value (and recoverable amount) on this date is $7.22 million. Prepare the journal entry, if any, to record the increase in fair value. It is expected that the costs of disposal will total $55,500 Repeat the requirements in (a) above assuming that Bonita is a public company that follows IFRS, and that the asset meets all criteria for classification as an asset held for sale. (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.)