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The information that follows relates to equipment owned by Headlands Limited at December 31,2023 : At December 31, 2023, Headlands discontinues use of the equipment and intends to dispose of it in the coming year by selling it to a competitor. It is expected that the costs of disposal will total $55,000. Your answer is correct. Assume that Headlands is a private company that follows ASPE. (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 0 for the amounts. List all debit entries before credit entries.) 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. Assume that the asset was not sold by December 31, 2024. The equipment's fair value (and recoverable amount) on this date is $7.15 million. Prepare the journal entry, if any, to record the increase in fair value. It is expected that the costs of disposal will total $55,000. Repeat the requirements in (a) above assuming that Headlands is a public company that follows IFRS, and that the asset meets all criteria for classification as an asset held for sale. (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 0 for the amounts. List all debit entries before credit entries.)