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 400 Note Payable 4,600 Equipment 5,000 Yes No b. Berful discovers that it has earned by year end $1,000 currently recorded as Uneamed Revenue. Cash Revenue 1,000 1.000 Yes No c. Berful calculates its depreciation expense to be $22,000 for the year. 8 Depreciation Expense Accumulated Depreciation 22,000 22,000 Yes No d. Berful pays $200,000 in dividends to its shareholders. Dividends Payable Cash 200,000 200,000 Yes No 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. Cash Interest Expense Bank Note Payable 10,000 1,500 11,500 Yes No f. Berful has $3,000 in its Supplies account, and takes an inventory of supplies and finds only 5400 remain-the rest have been used. Supplies Expense Cash 2,600 2,600 Yes No 5. Berful Corporation reports net income for 2016 as $52.000. Included