pleace fix Req.

5, 8

Req. B 1,2.

11/8

Hirsch Company acquired equipment at the beginning of 2017 at a cost of $131,100. The equipment has a five-year life with no expected salvage value and is depreciated on a straight-line basis. At December 31, 2017, Hirsch compiled the following information related to this equipment: Expected future cash flows from use of the equipment Present value of expected future cash flows from use of the equipment Fair value (selling price less costs to dispose) $ 112,300 96,680 93,960 Assume that a U.S.-based company is issuing securities to foreign investors who require financial statements prepared in accordance with IFRS. Thus, adjustments to convert from U.S. GAAP to IFRS must be made. Ignore income taxes. Required: a. Prepare journal entries for this equipment for the years ending December 31, 2017, and December 31, 2018, under (1) U.S. GAAP and (2) IFRS. b. Prepare the entry(ies) that Hirsch would make on the December 31, 2017, and December 31, 2018, conversion worksheets to convert U.S. GAAP balances to IFRS. Ignore the possibility of any additional impairment at the end of 2018. Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. Required A Required B Prepare journal entries for this equipment for the years ending December 31, 2017, and December 31, 2018, under (1) U.S. GAAP and (2) IFRS. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Prepare journal entries for this equipment for the years ending December 31, 2017, and December 31, 2018, under (1) U. GAAP and (2) IFRS. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) No Date General Journal Debit Credit 1 01/01/2017 Equipment Cash 131, 100 131,100 2 12/31/2017 Depreciation expense Accumulated depreciation - Equipment 26,220 26,220 3 01/01/2017 Equipment Cash 131,100 131,100 4 12/31/2017 > Depreciation expense Accumulated depreciation - Equipment 26,220 26,220 5 12/31/2017 Impairment loss Equipment 7,850 7,850 6 12/31/2017 No journal entry required > 12/31/2018 Depreciation expense Accumulated depreciation - Equipment 26,220 26,220 B 12/31/2018 Depreciation expense Accumulated depreciation - Equipment 7,850 X 7,850 Journal entry worksheet 1 2 3 4 5 0 7 8 Record the entry for the loss on impairment of equipment as per IFRS. Note: Enter debits before credits. Date General Journal 12/31/2017 Impairment loss Equipment Debit Credit 7,850 7,850 Journal entry worksheet Record the entry for the loss on impairment of equipment due to conversion from U.S. GAAP to IFRS. Note: Enter debits before credits. Date General Journal 12/31/2018 Retained earnings Equipment Credit Debit 51,140 51.140