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Surat Limited paid cash to acquire an aircraft on January 1, 2017, at a cost of 32,320,000 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 lives: Component Fuselage Engines Interior Cost 11,600,000 15,500,000 5,220,000 32,320,000 Useful Life 50 years 40 years 30 years The U.S. 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 financial statements. Ignore income taxes. Required: a. Prepare journal entries for this aircraft for the years ending December 31, 2017, and December 31, 2018, under (1) IFRS and (2) U.S. GAAP. b. Prepare the entry(ies) that the U.S. parent would make on the December 31, 2017, and December 31, 2018, conversion worksheets to convert IFRS balances to U.S. GAAP. No Date General Journal Debit Credit 1 01/01/2017 x 232,000 Depreciation expense Accumulated depreciation - Aircraft 232,000 2 12/31/2017 387,500 Depreciation expense Accumulated depreciation - Aircraft 387,500 3 01/01/2017 174,000 Depreciation expense Aircraft 174,000 4 12/31/2017 793,500 Retained earnings Depreciation expense 793,500 5 12/31/2018 Depreciation expense 645,400 232,000 310,000 104,400 6 12/31/2018 X 646,400 Accumulated depreciation - Aircraft Depreciation expense X 646,400 Required A Required B Prepare the entry(ies) that the U.S. parent would make on the December 31, 2017, and December 31, 2018, conversion worksheets to convert IFRS balances to U.S. GAAP. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) No Date General Journal Credit 1 12/31/2017 Aircraft Debit 77,500 69,600 147,100 2 12/31/2018 Aircraft Accumulated depreciation - Aircraft 155,000 139,200 294,200