The information that follows relates to equipment owned by Buffalo Limited at December 31, 2023 Cost $7,380.000 Accumulated depreciation to date 820.000 Expected future net cash flows (undiscounted 5.740,000 Expected future net cash flows (discounted, value in usel 5,207,000 Fair value 5,084,000 41,000 Costs to sell (costs of disposal) Assume that Buffalo will continue to use this asset in the future. As at December 31.2023, the equipment has a remaining useful of four years. Buffalo uses the straight-line method of depreciation Assume that Buffalo is a private company that follows ASPE Prepare the journal entry at December 31, 2023 to record asset impairment, if any 2 Prepare the journal entry to record depreciation expense for 2024 3. The equipment's fair value at December 31, 2024 is $5.33 million. Prepare the journal entry if am and the increase in fair value (Credit account titles are automatically indented when the amount is entered. Do not indent manually if entry is "N Entry for the account cities and enter 0 for the amounts. List all debit entries before credit entries) (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.) No. Date Account Titles and Explanation December (1) 31, 2023 (2) December 31, 2024 December (3) 31, 2024 eTextbook and Medial List of Accounts Debit Credit Repeat the requirements in part (al above assuming that Buffalo is a public company that follows IFS, (Credit account oils 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) No. Date Account Titles and Explanation Debit Credit