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Surat Limited paid cash to acquire an aircraft on January 1, 2020, at a cost of 33,160,000 rupees. The aircraft has an estimated useful life of 50 years and no salvage value. The company has determined that the aircraft is composed of three significant components with the following original costs (in rupees) and estimated useful llves: The US. parent of Surat does not depreciate assets on a component basis, but instead depreciates assets over their estimated useful life as a whole Assume that a foreign company using IFRS is owned by a company using U.S. GAAP. Thus, IFRS balances must be converted to U.S. GAAP to prepare consolidated financiai statements. Ignore income taxes. Required: a. Prepare joumal entries for this aircraft for the years ending December 31, 2020, and December 31, 2021, under (1) IFRS and (2) U.S. GAAP. b. Prepore the entry(ies) that the U.5, parent would make on the December 31, 2020, and December 31, 2021, conversion worksheets to convert IFRS balances to U.S. GAAP. Answer is not complete. Complete this question by entering your answers in the tabs below. Complete this question by entering your answers in the tabs below. Prepare journal entries for this aircraft for the years ending December 31, 2020, and December 31, 2021, under (t) fFis and (2) U.5. GAAP. (If no entry is required for a transactionvevent, select "No journal entry required" in the first account feld.) Record the entry for the cost of aircraft on its purchase as per Itrs. Hecord the entry for the depreciation of aircraft as per HeS. Record the entry for the cost of aircraft on its purchase as per U.S. GAAP. Record the entry for the depreciation of aircraft as per U.S, CAAP, Record the entry for the depreciation of alrcraft as per IfRS, Record the entry for the deprociation of aircraft as per Note 10 - journal entry has been entered Record the entry for the depreciation of aircraft as per IFRS. Record the entry for the cost of aircraft on its purchase as per U.S. GAAP. Record the entry for the depreciation of aircraft as per U.S. GAMR. Record the entry for the depreciation of aircraft as per IFRS. Record the entry for the depreciation of aircraft as per U.S. GAAR Prepare the entry(ies) that the U.S. parent wousd make on the December 31, 2020, and December 31, 2021, conversion worksheets to convert Ifrs balances to U.S. GAMP. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) 1 Record the conversion entry needed for 12/31/20. 2 Record the conversion entry needed for 12/31/21. Note : P = journal entry has been entered Credit