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1. Central Limited acquired an excavator on January 1,2021 , for a cash price of 10,000,000 pesos. The excavator has an estimated useful life of 20 years and no residual value. Central has determined that the excavator is composed of three significant components with the following original costs (in pesofl and petimated useful lives: The U.S. parent of Central does not depreciate assets on a component basis, but instead depreciates assets over their estimated useful life as a whole. a. Determine the appropriate accounting for this excavator for the years ending December 31,2021 and December 31, 2022 under (1) IFRS and (2) U.S. GAAP. (3 points) b. Prepare the entry(ies) that the U.S. parent would make on December 31,2021 and December 31, 2022 to convert IFRS balance to U.S. GAAP. (3 points)