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

Cost : $$8,280,000$

Accumulated depreciation to date : $920,000$

Expected future net cash flows $($undiscounted$)$ : $6,440,000$

Expected future net cash flows $($discounted$,$ value in use$)$ : $5,842,000$

Fair value : $5,704,000$

Costs to sell $($costs of disposal$)$ : $46,000$

ume that Waterway will continue to use this asset in the future. As at December $31,2023,$ the equipment has a remaining useful life of four years. Waterway uses the straight$-$line method of depreciation.

$)$

Assume that Waterway 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 $2024.$

B$.$ Repeat the requirements in part $($a$)$ above assuming that Waterway is a public company that follows IFRS. $($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 all debit entries before credit entries.$)$