Three years ago, Old Line borrowed one-million British Pound Sterling when the Pound Sterling was $2. This loan was at 10% interest with principle and interest due in 1 year. At the time of the loan interest rates in America were also 10%. Old Line used this money to finance the construction of an office building which was completed at the end of that year. When the loan came due the British Pound Sterling was $1.90, so Old Line had to pay $2,090,000 on this $2,000,000 (1million Pound Sterling) loan. Analyze the accounting for each fixed asset class using US GAAP and IFRS. Assume the Company uses straight-line depreciation for all its fixed assets and takes a full year of depreciation in the year of the addition.