Apricot Candy Inc. (ACI) manufactures non-GMO, plant-based snacks. In November 20X4, ACI supplied $12,700 worth of snacks to Planet Food (PF), a boutique health food store. The cost to manufacture the snacks sold to PF was $9,800. PF plans to sell these in their store. In exchange for the snacks, PF has agreed to supply ACI with a unique variety of fruit and nuts. ACI was very excited about the exchange, as ACI has not been able to source these on its own. PF purchased the fruit and nuts for $9,400; the retail price is $13,800.

Required:

1. Prepare an analysis for ACI under both ASPE and IFRS. In your response, include a discussion of any critical judgements or additional information that would be useful to to complete your analysis. 

2. Assume that ACI prepares its financial statements in accordance with ASPE. Prepare the journal entries for ACI to demonstrate how it would record this transaction using:

1. Fair values

2. Carrying amount 

3. Assume that PF prepares its financial statements in accordance with ASPE. Prepare the journal entries to demonstrate how it would record this transaction using the fair value method.