3. List three major differences between IFRS and US GAAP accounting standards in accounting for assets, liabilities, or owners equity. List only differences found in the valuation of these accounts! a. b. C. 4. Examine each of the transactions below and indicate if the general journal entry that follows it is the correct entry to record that transaction using US GAAP standards by checking "Yes" or "No." a. Berful Corporation purchases a machine for $5,000, paying $400 in cash and issuing a note for the remainder. Cash Note Payable Yes b. Berful discovers that it has earned by year end $1,000 currently recorded as Unearned Revenue. Cash Equipment 400 4,600 Revenue Oa 1,000 1,000 Yes No c. Berful calculates its depreciation expense to be $22,000 for the year. 5,000 8 No Depreciation Expense Accumulated Depreciation Cash Interest Expense d. Berful pays $200,000 in dividends to its shareholders. Dividends Payable Cash Bank Note Payable 200,000 Supplies Expense Cash 22,000 200,000 10,000 1,500 Yes e. Berful borrows $10,000 from a bank on the last day of the year, agreeing to pay $500 in interest at the end of each year for the next three years, and then repay the principal amount of the debt. 22,000 2,600 Yes 11,500 2,600 Yes No f. Berful has $3,000 in its Supplies account, and takes an inventory of supplies and finds only $400 remain the rest have been used. No Yes No No 5. Berful Corporation reports net income for 2016 as $52,000. Included