The information that follows relates to equipment owned by Sweet Acacia Limited at December 31, 2023: Cost Accumulated depreciation to date Expected future net cash flows (undiscounted) $5,580,000 620,000 4,340,000 Expected future net cash flows (discounted, value in use) 3,937,000 Fair value Costs to sell (costs of disposal) 3,844,000 31,000 Assume that Sweet Acacia will continue to use this asset in the future. As at December 31, 2023, the equipment has a remaining useful life of four years. Sweet Acacia uses the straight-line method of depreciation. Assume that Sweet Acacia is a private company that follows ASPE. (a) Your answer has been saved. See score details after the due date. 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 O for the amounts. List debit entry before credit entry.) Date Account Titles and Explanation December 31, 2023 Loss on Impairment Equipment Debit 1023000 Credit 1023000 Attempts: 1 of 1 used (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 O for the amounts. List debit entry before credit entry.) (c) Date Account Titles and Explanation December 31, 2024 Save for Later Debit Credit Attempts: 0 of 1 used Submit Answer The parts of this question must be completed in order. This part will be available when you complete the part above.