1. In one of its current buildings, ABC built a cutting-edge robotic control system in 2021. The robotic control system has no residual value and a 10-year projected useful life. To help it with the system's design and purchase, ABC recruited a consultant. The consultant found a supplier and assisted in creating the necessary specs. ABC paid the consultant $300,000 for her services. ABC paid the vendor $3.5 million to purchase the equipment. The seller agreed to accept a $500,000 down payment with the balance due in 12 months. The price would have been $3.3 million if ABC had paid cash at the time of acquisition. An extra $275,000 was needed for the system's delivery and installation. Additionally, the facility was prepared by ABC's own staff. The workers were paid $75,000 for their job. The project manager indicated that due to issues with the individuals performing the installation, the filtration project's allocated personnel were idle for 25% of the time. To ensure the machine could run securely, new wiring for $75,000 was put in the building. Accidental damage that occurred during installation also cost $23,000 to fix. Think ABC uses IFRS.

a. provide journal entries with an explanation