The information that follows relates to equipment owned by Sweet Acacia Limited at December 31, 2020: Cost $8,460,000 Accumulated depreciation to date 940,000 Expected future net cash ows (undiscounted) 6,580,000 Expected future net cash ows (discounted, value in use) 5,969,000 Fair value 5,828,000 Costs to sell (costs of disposal) 47,000 Assume that Sweet Acacia will continue to use this asset in the future. As at December 31, 2020, 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. 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. The equipment's fair value at December 31, 2021 is $6.11 million. Prepare the journal entry, if any, to record the increase in fair value.No. Date Account Titles and Explanation Debit Credit December (1) 31, 2020 Loss on Impairment 1551000 Accumulated Impairment Losses - Equipment 15510( December (2) 31, 2021 Depreciation Expense 1492250 Accumulated Depreciation - Equipment 14922! December (3) 31, 2021