The information that follows relates to equipment owned by Bonita Limited at December $31,2023$:

Cost

Accumulated depreciation to date

Expected future net cash flows $($undiscounted$)$

Expected future net cash flows $($discounted$,$ value in use$)$

Fair value

Costs to sell $($costs of disposal$)$

$$3,960,000$

$440\mathrm{.}000$

$3,080,000$

$2,794,000$

$2,728,000$

$22\mathrm{.}000$

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. Assume that Bonita is a private company that follows ASPE.

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.$)$

Date

December

$31,2023$

Account Titles and Explanation

Debit

Credit

eTextbook and Media

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 O for the amounts. List debit entry before credit entry.$)$

Date

December

$31,2024$

Account Titles and Explanation

Debit

Credit

Textbook and Media

The equipment's fair value at December $31,2024,$ is $$2\mathrm{.}86$ 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 debit entry before credit entry.$)$

Account Titles and Explanation

Debit

Credit

Date

December $31,2024$