The information that follows relates to equipment owned by Buffalo Limited at December 31, 2020: 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) $8,190,000 910,000 6,370,000 5.778,500 5,642.000 45,500 At December 31, 2020, Buffalo 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 $45,500. Assume that Buffalo is a private company that follows ASPE. (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 for the amounts) 1. 2 3 Prepare the journal entry at December 31, 2020, to record asset impairment, if any. Prepare the journal entry to record depreciation experise for 2021. Assume that the asset was not sold by December 31, 2021. The equipment's fair value and recoverable amount) on this date is $5.92 million. Prepare the journal entry, if any, to record the increase in fair value. It is expected that the costs of disposal will total $45,500 Debit Credit No. Account Titles and Explanation (1) (3 ) Repeat the requirements in (a) above assuming that Buffalo 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 for the amounts.) Account Titles and Explanation Debit Credit (3)