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The information that follows relates to equipment owned by Sweet Acacia Limited at December 31, 2023: Assume that Sweet Acacia will continue to use this asset in the future. As at December 31,2023 , the equipment has a remaining useful life of four years. Sweet Acacia uses the straight-line method of depreciation. Assume that Sweet Acacia is a public company that follows IFRS. (a) Prepare the journal entry at December 31, 2023, to record asset impairment, if any. (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 0 for the amounts. List debit entry before credit entry.) (b) Your answer is correct. Prepare the journal entry to record depreciation expense for 2024. (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 0 for the amounts. List debit entry before credit entry.) \begin{tabular}{r|l|rrr} \multicolumn{1}{c}{ Date } & Account Titles and Explanation & \multicolumn{1}{c}{ Debit } \\ \hline December & Depreciation Expense & 873125 & \\ \hline 31,2024 & & & \\ \hline \end{tabular} eTextbook and Media List of Accounts Attempts: unlimited (c) The equipment's fair value at December 31,2024 , is $3.58 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 0 for the amounts. List debit entry before credit entry.) \begin{tabular}{c||c||cc} Date Account Titles and Explanation & Debit & Credit \\ December & No Entry & & \\ 31,2024 & & \end{tabular}