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Fast Lid. is a public company that prepares its consolidated financial statements in accordance with iFRS. its net income in Year 2 was $205,000, and sharehoiders' equity at December 31 , Year 2 was $1,850,000. Mr Lombardi, the major shareholder, has made an offer to buy out the other shareholders, dellst the company, and take it private. Thereafter, the company will report under ASPE. You have identifed the following two areas in which Fast's accounting principles ditter between IFRS and ASPE 1. Fast incurred research and development costs of $505,000in Year 1. Thirty percent of these costs were related to development activities that met the crtteria for capitalizabon as an intangible asset. The newly developed product was brought to market in January. Year 2 and is expected to generate sales revenue for 10 years 2. Fast acqured equipment at the beginning of Year 1 at a cost of $110,000. The equipment has a five-year life with no expected residual value and is depreciated on a straight-line bacis. At December 31, year 1, Fast complied the following information related to this equipment Required: (a) Determine the amount at which Fast should report each of the following on its balance sheet at December 31, Year 2 , using (7) IFRS and (2) ASPE. Ignore the possibility of any additional impeirment or reversal of impairment loss at the end of Year 2 Assume that Fast wants to minimize net income. (Lebve no cells blenk - be certain to enter "on wherever required, Omit 5 sign in your response.) (i) Research and development (ii) Equipment (b) Prepare a reconcliation of net income for Year 2 and sharehoiders equity at December 31, Year 2, under IFRS to an ASPE basis. (Omit $ sign in your response.) JUST SOLVE B PLEASE