Your answer is correct. Assume that Coronado is a private company that follows ASPE 1. Prepare the journal entry at December 31, 2017, to record asset impairment, if any. 2. Prepare the journal entry to record depreciation expense for 2018 3. The equipment's fair value at December 31, 2018, is $4.94 million. Prepare the journal entry, if any, to record the increase in fair value. (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.) No. (1) December 31, 2017 Loss on Impairment Date Account Titles and Explanation Debit Credit 1368000 Accumulated Impairment Losses-Equipment Accumulated Impairment Losses-Equi 1368000 (2) December 31, 2018 Depreciation Expense 1178000 Accumulated Depreciation Equipment 1178000 (3) December 31, 2018 |No Entry No Entry Repeat the requirements in (a) above assuming that Coronado 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. No. Date Account Titles and Explanation Debit Credit (1) December 31, 2017 (2) December 31, 2018 (3) December 31, 2018