Syria Corp.exchanged Building 24, which has an appraised value of $17,00,000, a cost of $28,00,000 and accumulated depreciation of $13,00,000 for Building M which belongs to Russia Ltd.Building M has an appraised value of $ 16,20,000, a cost of $31,00,000, and accumulated Depreciation of $17,50,000. Russia paid Syria the difference between the appraised values of the two buildings.Assume depreciation has been update to the date of exchang.

Required:

Prepare the entries on both companies books assuming the buildings are similar assets.

Comment on the treatment of ASPE versus IFRS differencs.