Surat Limited paid cash to acquire an aircraft on January $1,2020,$ at a cost of $32,730,000$ rupees. The aircraft has an estimated useful

life of $40$ years and no salvage value. The company has determined that the aircraft is composed of three significant components with

the following original costs $($in rupees$)$ and estimated useful lives:

The U$.$S$.$ parent of Surat does not depreciate assets on a component basis, but instead depreciates assets over their estimated useful

life as a whole.

Assume that a foreign company using IFRS is owned by a company using U$.$S$.$ GAAP. Thus, IFRS balances must be converted to U$.$S$.$

GAAP to prepare consolidated financial statements. Ignore income taxes.

Required:

a$.$ Prepare journal entries for this aircraft for the years ending December $31,2020,$ and December $31,2021,$ under $(1)$ IFRS and $(2)$ U$.$S$.$

GAAP.

b$.$ Prepare the entry$($ies$)$ that the U$.$S$.$ parent would make on the December $31,2020,$ and December $31,2021,$ conversion worksheets

to convert IFRS balances to U$.$S$.$ GAAP.