I need help on my accounting term project part 3 and 4, I feel like I am good at doing assignments on connect but when it comes to the projects I get completely confused I am not sure how to upload the documents for a tutor to see what I am working on! I have never done this tutor thing? I would like someone to explain to me how to do these parts

It is on Plant Property and equipment, here are the instructions,

Part 3:Property, Plant and Equipment(Due at the end of unit 4, but you will start it in unit 3)

The Company has the following Property, Plant & Equipment at the beginning of January, 2016:

Asset

Purchase Date

Original Cost

Useful Life - Years

Accumulated Depreciation Straight-line

Book Value 12/31/15

Denver, CO -Vacant Land

9/15/2009

$1,610,000

1,610,000

Golden, CO - Land

1/1/2015

$1,280,000

$1,280,000

Golden, CO - Building

1/1/2015

2,175,000

15

(145,000)

2,030,000

Houston, TX -Machinery & Equipment

6/1/2015

425,100

5

(49,595)

375,505

Additionally, the company engaged in the following transactions during 2016:

**Note: these transactions have not yet been recorded.You must create the Journal Entries.

JE#1 - August 31, 2016

Purchased land for $850,000 and constructed a building - location: Dallas, Texas.All costs were paid for in cash and construction was completed 8/31/16:

Labor & materials $1,250,000

Architecture fees $18,250

Interest costs capitalized on construction $58,000

Prepaid annual insurance of $14,500 for period: 9/1/16 - 8/31/12

The building has a useful life of 18 years, straight-line depreciation, $0 Residual Value.For IFRS purposes, the building is revalued on an annual basis.

JE#2 and JE#3- September 30, 2016

Sold the land and building - Golden, Colorado for $3,157,000 cash.Record depreciation through the date of sale, then record the sale.Be sure to make a t-account to keep track of the book value and accumulated depreciation.

JE#4 - November 1, 2016

Exchanged the Vacant Land for land and a building in Denver, Colorado.The independent appraised fair value of the land and building were as follows: Land $325,000; Building $1,650,000. The Company paid cash to the other party of $260,000 and paid cash for legal fees of $12,000 (assume the legal fees were attributed to the building) as part of the exchange.In addition, the Company prepaid the annual property tax of $30,000 with Cash.Useful life of the building is 10 years, $0 residual value, and straight-line depreciation. For IFRS purposes, the building is revalued on an annual basis.

JE#5 - November 30, 2016

Paid cash of $135,000 for new furniture and fixtures for the new building in Denver, Colorado.Paid sales tax $10,800 and installation costs of $7,500.Useful life is 7 years, $0 residual value, straight-line depreciation.

Adjusting Entries:Year-end information at 12/31/16:

Depreciation

Depreciation Method

Useful life

Building - Dallas, Texas

Straight-line

18 years

Building - Denver, Colorado

Straight-line

10 years

Furniture & Fixtures - Denver, Colorado

Straight-line

7 years

Machinery & Equipment - Houston, Texas

Straight-line

5 years

Prepaid Expenses

Date paid

Amount paid

Property Taxes

11/1/2016

$30,000

Insurance

8/31/2016

$14,500

Fair Market Value Year-end information at 12/31/16:

FMV on 12/31/2016

Building - Dallas, Texas

$1,320,000

Building - Denver, Colorado

$1,605,000

Requirements in the provided Excel template:

1. Record General Journal Entries for the PP&E events that occurred during the year.Be sure to recordpartial year's expensesas appropriate.
2. Complete the Depreciation Calculation Table. Be sure topro-rate as necessary.
3. Complete the Prepaid Expenses Table.Be sure topro-rate as necessary.
4. Enter the year-end Adjusting Journal Entries for Depreciation and Prepaid expenses.
5. Discuss the Fair Value revaluation option for the properties under GAAP and IFRS, and compute the ending book values for the two properties listed.

Part 4:Analysis (Due at the end of unit 5)

Compute the financial ratios from the provided Financial Statements in the Excel worksheet, conduct a short ratio analysis comparing the financial information generated under IFRS and under GAAP.

Requirements in the provided Excel Template:

1.Compute the ratios listed.

2.Discusswhythe financial statements and ratios differ under the two standards of accounting, GAAP and IFRS.