Please answer 3 and 4 by numbers and do the amortization table and the journals

French Oi a Gas Company is ah encryy exploeation company localed in western France. The company has traditionally explored oll and gas in the European coetinent. The compuny's boand of directors has been detuting a major shift in operations in order lo mect the growing demand for energy- Doe to the relatively high gas prices froe Kussia, French 018 Gas Cempony has decided to exploe shale of starting in France and then moving so fuly and Gireece. Shale oll roquires secialized equipenen that can dig and break hard tock so that oil can be extracted. The cely company that lease these specialired equipment is LeaseGerm Company, which is a leasing coenpany located in Germany. On January 1, 2023, French Oil S Gas Campany decided to lease Shale ell machinery from LeaseGerm Company. The two compunies decided that the lease lerm is 8 years with yeaty lease payments of 51,200,000 starting on Jaeuary 1, 2023 and then each December 3t thereafer. The details of the agroement indicate that the interes rate agreed upon by the two companies is 6N:. Additional details suggest that the useful life of the Shale oil machinery is 15 years with ne renidal value in is important to note that LeaseGenm hat just reeently purchased the machisery for 516,455,950.0 on the dale of signing the contract between the two companick, the diecting manager of LeaseCerm told the representative from French Oil \& Gas Company the following: Th is inferesing that you wowll wunt to lowe dhese machines at this tame. As you know these are specialled machinery that andy a for conpaanier worldwide can wse, Howewe, av Americam canpany called Tcous Shale leaid the exact same miachumery today. Therir lease terw agroonentr are the same as yours. The only difference is that French OW d Gas Compary is boutrd in the France, while Terat Shale is focated in the Chithal States." Hequired: 1. Discuss siene of the challenges that face accountants warldwide when conductire intenational transactions (such as foreign currency exchange nates, buying or selling fromvio averseas compunies, import, and expont e... Et. + . 2. Briefly explain the major differences between U.S. GAAP and IfRS with particular emphasin on the following accounting issut: - Revenae recognition prior to delivery, at delivery, and after delivery; - Reporting for leases; and - Reporting liabilities at fair value. 3. With respet 6 leasing machinery, determine the appropriate lease classification by the lesse and indicate why, then analyee the amounts and sature of expenses that the lessee (i.e. French Oit \& Gas Ceempany and Tecas Shale) will recond for the enaire lease lerm. 4. If this machinery was not of a specialiond nafure, what would be the appropriahe lease classification by the lessec (L.e, French O \& \& Gas Company and Tecas Shale) under this soenario? And what would be the amounts and lsature of expenses that the two coempanies would have seported for this type of leases, and compare your asswer with that ene of the previous regairement to deternine which leasise type would provide the hipher peofit to each sompuny? French Oi a Gas Company is ah encryy exploeation company localed in western France. The company has traditionally explored oll and gas in the European coetinent. The compuny's boand of directors has been detuting a major shift in operations in order lo mect the growing demand for energy- Doe to the relatively high gas prices froe Kussia, French 018 Gas Cempony has decided to exploe shale of starting in France and then moving so fuly and Gireece. Shale oll roquires secialized equipenen that can dig and break hard tock so that oil can be extracted. The cely company that lease these specialired equipment is LeaseGerm Company, which is a leasing coenpany located in Germany. On January 1, 2023, French Oil S Gas Campany decided to lease Shale ell machinery from LeaseGerm Company. The two compunies decided that the lease lerm is 8 years with yeaty lease payments of 51,200,000 starting on Jaeuary 1, 2023 and then each December 3t thereafer. The details of the agroement indicate that the interes rate agreed upon by the two companies is 6N:. Additional details suggest that the useful life of the Shale oil machinery is 15 years with ne renidal value in is important to note that LeaseGenm hat just reeently purchased the machisery for 516,455,950.0 on the dale of signing the contract between the two companick, the diecting manager of LeaseCerm told the representative from French Oil \& Gas Company the following: Th is inferesing that you wowll wunt to lowe dhese machines at this tame. As you know these are specialled machinery that andy a for conpaanier worldwide can wse, Howewe, av Americam canpany called Tcous Shale leaid the exact same miachumery today. Therir lease terw agroonentr are the same as yours. The only difference is that French OW d Gas Compary is boutrd in the France, while Terat Shale is focated in the Chithal States." Hequired: 1. Discuss siene of the challenges that face accountants warldwide when conductire intenational transactions (such as foreign currency exchange nates, buying or selling fromvio averseas compunies, import, and expont e... Et. + . 2. Briefly explain the major differences between U.S. GAAP and IfRS with particular emphasin on the following accounting issut: - Revenae recognition prior to delivery, at delivery, and after delivery; - Reporting for leases; and - Reporting liabilities at fair value. 3. With respet 6 leasing machinery, determine the appropriate lease classification by the lesse and indicate why, then analyee the amounts and sature of expenses that the lessee (i.e. French Oit \& Gas Ceempany and Tecas Shale) will recond for the enaire lease lerm. 4. If this machinery was not of a specialiond nafure, what would be the appropriahe lease classification by the lessec (L.e, French O \& \& Gas Company and Tecas Shale) under this soenario? And what would be the amounts and lsature of expenses that the two coempanies would have seported for this type of leases, and compare your asswer with that ene of the previous regairement to deternine which leasise type would provide the hipher peofit to each sompuny