On January 1, 2022, Matthew cheater, Inc. ABC oil company incurring $10,000 of legal and government fees to set up the company. On the same day ABC purchased a parcel of land with an old building in it. After a few days ABC tore down the building and begin self-constructing a new building. The new building was completed on July 31, 2022. It has an economic a life of 25 years an estimate a salvage value of $30,000. During the construction. ABC obtained a construction loan and after the building was completed the construction loan was converted to a mortgage, during 2022 ABC incurred at total cost of 18,000 pertaining to the construction loan and the mortgage (11,000 associated to mortgage, additional details are:

Cost of land and old building purchase (118,000)

Cost of razing the old building. (77,000)

Proceeds from the sale of miscellaneous part of old building 9,000

Labour and material for construction of new building $84,000

Overhead attribution to construction of new building 10,000

On November 1, 2022, ABC signed a contract to acquire an oil platform from drilling under the ocean floor. Legal pieces were paid to sign the contract of 13,000. ABC paid a 2 million down payment at the time of signing the contract and issued 7,000,000 non-interest-bearing promissory note due on October 31, 2025. The market raise was 10% at the time of issue. ABC successfully applied and received $180,000 government grant which was accounted for cost reduction method. The oil platform is expected to have economic life of 10 years no salvage value and there is an asset retirement obligation estimated to be 500,000 at the end of its life.

ABC chooses to amortize using a straight-line method and traditional amortization is based on months ABCs a public company and follows a IFRS

1. Show the account an amount that should be reported in property plant and equipment section of the balance sheet on August 1, 2022

2. Prepare journal entry required to be made on November 1, 2022, pertaining to the circumstances of the oil platform

3. Prepare the necessary adjusted entries on December 31, 2022

PLEASE ANSWER ALL PARTS