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$)$

Expected future net cash flows $($discounted$,$ value in use$)$

Fair value

Costs to sell $($costs of disposal$)$

$$8,460,000$

$940,000$

$6,580,000$

$5,969,000$

$5,828,000$

$47,000$

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.

$1.$ Prepare the journal entry at December $31,2023,$ to record asset impairment, if any.

$2.$ Prepare the journal entry to record depreciation expense for $2024.$

$3$

The equipment's fair value at December $31,2024,$ is $$6\mathrm{.}11$ million. Prepare the journal entry, if any, to record the increase$$in$$fair$$value$.$