Construction of this equipment started on January 1, 2011 and was completed on January 1. 2012 Old Line borrowed $20.0 million denominated in US dollars on January 1, 2011 to finance construction of this equipment. The interest rate on this loan was 10% Old Line made payments to the construction company of $10.0 million on January 1, 2011 and $10.0 million on July 1, 2011 Excess funds during this penod were invested at a return of 6% This equipment has a 10 year life with no salvage Two years ago, Old Line purchased a delivery truck for $110,000 Old Line uses straight line depreciation with no salvage and a 10 year life. Included in the purchase price was $20,000 for additional airbags and a backup warning device which is not legally required for this equipment Because of the uniqueness of this equipment, it is unrealistic to get a market value for it so it will be carried at book value Three years ago, Old Line borrowed one-million British Pound Sterling when the Pound Stering was $2 This loan was at 10% interest with principle and interest due in 1 year Old Line used this money to finance the construction of an office building which was completed at the end of that year, When the loan came due the British Pound Sterling was $1.90, so Old Line had to pay $2090000 on this $2.000,000 (1million Pound Sterling) loan. The office building has a 20 year life with no salvage Required Analyze the accounting for each fixed asset class using US GAAP and IFRS. Assume the Company uses straight-line depreciation for all its fixed assets and takes a full year of depreciation in the year of the addition Based on your analysis, determine how to best maximize the amount of net fixed assets Prepare a formal report addressed to the CFO of Old Line formally articulating your analysis and recommendations to Old Line