The information that follows relates to equipment owned bv Ruffsis i tami December 31,2020: Assume that Buffalo will continue to use this asset in the future, As at December 31,2020 , the equipment has a remairing usetuine of four years. Buffalo uses the straight-line method of depreciation. Assume that Buffalo is a private compary that follows ASPE. Assume that Buffalo will continue to use this asset in the future. As at December 31,2020 , the equipment has a remaining useful life of four years. Buffalo uses the straight-line method of depreciation. Assume that Buffalo is a private company that follows ASPE. 1. Prepare the journal entry at December 31,2020 , to record asset impairment if any. 2. Prepare the journal entry to record depreciation expense for 2021. 3. The equipment's fair value at December 31,2021 is $5,33 million. Prepare the journal entry, if any, to record the increase in fair value. CCredit account tites are outornatically indented when the omount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account tibles and enter O for the amountc] Repeat the requirements in (a) above assuming that Buffalo is a public company that follows IFRS. (Credit occount titles are automatically indented when the amount is entered, Do not indent manually. If no entry is requlred, select "No Entry" for the account titles and enter O for the amounts.]