please answer the last part, thanks On December 31, 2024, it is estimated that the reporting unit's fair value has increased to $422 million. Under ASPE, prepare the journal entry, if any, to record theincrease 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 accounttitles and enter O for the amounts. List debit entry before credit entry. ENTER AMOUNTS IN MILLIONS.)(c)DateDec. 31, 2024Account Titles and ExplanationNo EntryeTextbook and MediaList of AccountsDateDec. 31, 2023No EntryDebitAccount Titles and Explanation0Under IFRS, determine if there is any impairment and prepare any necessary entry on December 31, 2023. (Credit account titles are automatically indented when the amountis entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter O for the amounts. List debit entry before credit entry. ENTER AMOUNTS INMILLIONS.)DebitCredit0CreditAttempts: 1 of 3 used The following is net asset information for the Dhillon Division of Blue Spruce Inc.:CashAccounts receivableProperty, plant, and equipment (net)GoodwillLess: Notes payableNet assetsNET ASSETSAs at December 31, 2023(in millions)(a)Your answer is correct.Book Value$51Date218Dec. 31, 20232,645213(2,640)$487Loss on ImpairmentThe purpose of the Dhillon Division (also identified as a reporting unit or cash-generating unit) is to develop a nuclear-powered aircraft. If successful, travelling delays that areassociated with refuelling could be greatly reduced, and operational efficiency would increase significantly.Fair ValueExcludingGoodwillTo date, management has not had much success and is deciding whether a writedown of goodwill is appropriate at this time. Management has prepared the following estimatesfor the reporting unit or cash-generating unit:1. Undiscounted future net cash flows are appro ately $422 million.2. Future value in use is approximately $482 million.3. Sale of the unit would yield $357 million and selling costs would total $8 million.$51Account Titles and Explanation2182,821(2,640)Under ASPE, determine if there is any impairment and prepare any necessary entry on December 31, 2023. (Credit account titles are automatically indented when the amountis entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter O for the amounts. List debit entry before credit entry. ENTER AMOUNTS INMILLIONS.)Accumulated Impairment Losses - GoodwillDebit130Credit130

Journal entry is the first stage of accounting process. Journal entry used to record business…

Under IFRS, determine if there is any impairment and prepare any necessary entry on December 31, 2023. (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 debit entry before credit entry. ENTER AMOUNTS IN MILLIONS.) Date Dec. 31, 2023 Account Titles and Explanation Debit Credit