5 Dowa, Ltd. is a foreign company that uses IFRS for its financial reporting. Dowa isa wholly-owned subsidiary of Ide Corp. which is a U.S. company that prepares its consolidated financial statements in accordance with U.S. GAAP. Dowa purchased a piece of equipment for 2,000,000 on January 1, 2017. The equipment is comprised of the following three significant components, shown with their associated cost and useful life. (Note: You must show your work to receive extra credit.) Housing Control Unit Motor Useful Life 20 years 5 years 10 years 1,000,000 As a corporate policy, Ide Corp. utilizes the straight-line method of depreciation for machinery and equipment and plans to extend this policy to Dowa, Ltd. a) Prepare the journal entry for the 2017 depreciation expense for Dowa, Ltd. based on IFRS accounting principles. b) Prepare the journal entry for the 2017 depreciation expense for Ide Corp. based on U.S. GAAP c) Prepare the conversion worksheets to convert IFRS balances to U.S. GAAP d) Prepare the journal entry to convert the 2017 Dowa, Ltd. financial statements from IFRS to U.S. GAAP