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Prepare the journal entry at December $31,2023,$ to record asset impairment, if any. $($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 debit entry before credit entry.$)$

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

Cost

$$3,600,000$

Accumulated depreciation to date

$400,000$

Expected future net cash flows $($undiscounted$)$

$2,800,000$

Expected future net cash flows $($discounted$,$ value in use$)$

$2,540,000$

Fair value

$2,480,000$

Costs to sell $($costs of disposal$)$

$20,000$

Assume that Sweet Acacia will continue to use this asset in the future. As at December $31,2023,$ the equipment has a remaining useful

life of four years. Sweet Acacia uses the straight$-$line method of depreciation. Assume that Sweet Acacia is a private company that

follows ASPE.

$($a$)$