The first part is already completed please complete the second part

Assume that Bonita 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 O for the amounts. List all debit

entries before credit entries.$)$

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

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

Assume that the asset was not sold by December $31,2024.$ The equipment's fair value $($and recoverable amount$)$ on this

date is $$6\mathrm{.}24$ million. Prepare the journal entry, if any, to record the increase in fair value. It is expected that the costs of

disposal will total $$48,000.$

No$.$ Account Titles and Explanation

Credit

$(1)$ Loss on Impairment

Accumulated Impairment Losses $-$ Equipment

$(2)$ noentry

no entry

$(3)$ Accumulated Impairment Losses $-$ Equipment

Recovery of Loss from Impairment $($b$1-$b$3)$

Repeat the requirements in $($a$)$ above assuming that Bonita 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 O for the amounts. List all debit entries before

credit entries.$)$

No$.$ Account Titles and Explanation

Debit

Credit

$(1)$

$(2)$

$1$

$]$

$(3)$The information that follows relates to equipment owned by Bonita Limited at December $31,2023$:

At December $31,2023,$ Bonita 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 $$48,000.$