Playtime Corporation purchased a new piece of equipment for production of a new children's toy. According to market research tests, the toy is expected to be very popular among preschool-aged children. The equipment consists of the following significant and separable parts: injection unit (useful life of six years), clamping unit (useful life of six years), and electrical equipment (useful life of three years). The equipment also includes other parts (useful life of five years). Discuss
(a) The recognition criteria for recording purchase of the equipment.
(b) How the equipment purchase should be recorded if Playtime prepares financial statements in accordance with IFRS.
(c) How the equipment purchase should be recorded if Playtime prepares financial statements in accordance with ASPE.