The information that follows relates to equipment owned by Headlands Limited at December 31, 2020: At December 31,2020, Headlands discontinues use of the equipment and intends to dispose of it in the coming year by salling it to a competitor. It is expected that the costs of disposal will total $47,000. At vecember 31,2020, Headlands 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 $47,000. Assume that Headlands is a private company that follows ASPE. (Credit occount titles are automoticolly indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account tities and enter O for the amounts) 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. Assume that the asset was not sold by December 31,2021 . The equipment's fair value (and recoverable amount) on this date is $6.11 million. Prepare the journal entry, if any. to record the increase in fair value. It is expected that the costs of disposal will total $47,000. No. Account Titles and Explanation Debit Credit (1) (2) (3) eTextbook and Media Repeat the requirements in (a) above assuming that Headlands 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 outomatically 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.)