Q2. Syria Corp. exchanged Building 24, which has an appraised value of $ 1,700,000, a cost of $ 2,800,000, and accumulated depreciation of $1,300,000, for Building M which belongs to Russia Building M has an appraised value of $ 1,620,000, a cost of $ 3,100,000, and accumulated Deprecia of $1,750,000. Russia paid Syria the difference between the appraised values of the two buildings Assume depreciation has been updated to the date of exchange (20 marks) instructions Prepare the entries on both companies' books, assuming the buildings are similar assets. Comment on the treatment of ASPE versus IFRS differences. I Sol: Cr. Amount Dr. Amount Syrian Corp Account Titles and Explanation Building Exchange (Bal. Figure) Accumulated Depreciation $1,429,412 $1,300,000 $80,000 52 000 000