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

Assume that Buffalo will continue to use this asset in the future. As at December $31,2023,$ 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.

$($a$)$

$($b$)$

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.$)$

Date

Account Titles and Explanation

Debit

$Cr$

December

$31,2024$