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Chapter 11 Homework i Saved Check my work mode : This shows what is correct or incorrect for the work you have completed so far. It does not indicate 4 Parnell Company acquired construction equipment on January 1, 2017, at a cost of $70,500. The equipment was expected to have a useful life of six years and a residual value of $15,000 and is being depreciated on a straight-line basis. On January 1, 2018, the equipment was appraised and determined to have a fair value of $65,700, a salvage value of $15,000, and a remaining useful life of 10 five years. In measuring property, plant, and equipment subsequent to acquisition under IFRS, Parnell would opt to use the revaluation points model in IAS 16. 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 Parnell would make on the December 31, 2018 conversion worksheet to convert U.S. GAAP balances to IFRS . X Answer is not complete. Complete this question by entering your answers in the tabs below. Required A Required B Prepare the entry 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.) No Date General Journal Debit Credit co 12/31/2017 Accumulated depreciation - Equipment Revaluation surplus X Equipment X 3 01/01/2018 Equipment X CE: 60 OzoZ/L Cash X