On April 1, 2020, Flounder Corp. was awarded $450,000 cash as compensation for the forced sale of its land and building, which were directly in the path of a new highway. The land and building cost $60,000 and $280,000, respectively, when they were acquired. At April 1, 2020, the accumulated depreciation for the building amounted to $185,000. On August 1, 2020, Flounder purchased a piece of replacement property for cash. The new land cost $190,000 and the new building cost $368,000. The new building is estimated to have a useful life of 20 years, physical life of 30 years, residual value of $260,000, and salvage value of $75,000. Flounder prepares financial statements in accordance with IFRS.

------ Prepare any journal entry required at December 31, 2020, under (1) IFRS and (2) ASPE. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Round answers to 0 decimal places, e.g. 5,275.) (1) IFRS: Dec 31,2020

(2) ASPE:

Dec 31, 2020