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

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.

$($a$)$

Assume that Sweet Acacia is a private company that follows ASPE.

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

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

The equipment's fair value at December $31,2024,$ is $$7\mathrm{.}15$ million. Prepare the journal entry, if any, to record the

increase in fair value.