The information that follows relates to equipment owned by Waterway Limited at December 31. 2023: Assume 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 will contimue to use this asset in the future. As at December 31,2023 , the equipment has a remaining useful life of four years. Waterway uses thestraight-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. 3. The equipment's fair value at December 31,2024 , is $5.07 million. Prepare the journal entry, if any, to record the increase in fair value