Required

$($a$)$ Determine the amount at which Fast should report each of the following on its balance sheet at December $31,$ Year $2,$ using $(1)$

IFRS and $(2)$ ASPE. Ignore the possibility of any additional impairment or reversal of impairment loss at the end of Year $2.$

Assume that Fast wants to minimize net income.

$($i$)$ Research and development

$($ii$)$ Equipment

$($b$)$ Prepare a reconciliation of net income for Year $2$ and shareholders equity at December $31,$ Year $2,$ under IFRS to an ASPE

basis.