On April 1, 2020, Sheffield Corp. was awarded $470,000 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 $160,000. On August 1, 2020, Sheffield purchased a piece of replacement property for cash. The new land cost $110,000 and the new building cost $372,000. The new building is estimated to have a useful life of 20 years, physical life of 30 years, residual value of $180,000, and salvage value of $75,000. Sheffield prepares financial statements in accordance with IFRS. Prepare the journal entries to record the transactions on April 1 and August 1, 2020. (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 entero for the amounts.) Date Account Titles and Explanation Debit Credit April 1 Aug. 1 How would the transactions on April 1 and August 1, 2020, affect the income statement for 2020? Would the effect be different if Sheffield prepared financial statements in accordance with ASPE? Under both ASPE and IFRS, the might be classified as and would in profit ork Prepare any journal entry required at December 31, 2020, under (1) IFRS and (2) ASPE. (Credit account titles are automatically indented when the amount entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter for the amounts. Round answers to decimal places, eg. 5,275.) (1) IFRS: Date Account Titles and Explanation Debit Credit Dec. 31, 2020 (2) ASPE: Date Account Titles and Explanation Debit Credit Dec. 31, 2020