Week 5-2017 F Help Save &ExitSubmit l Company acquired construction equipment on January 1,2017, at a cost of $78,400. The equipment was expected to have a useful life of six years and a residual value of $10,000 and is being depreciated on a straight-ine basis. On January 1,2018, the equipment was appraised and determined to have a fair value of $74,500, a salvage value of $10,000, and a remaining useful life of five years. In measuring property. plant, and equipment subsequent to acquisition under IFRS, Parnell would opt to use the revaluation model in AS 16. Assume that a U.S.-based company is issuing securities to foreign investors who require financial statements prepared in accordance with IFRS. Thus, adjustments to convert from US GAAP to IFRS must be made. Ignore income taxes ok Required: a. Prepare journal entries for this equipment for the years ending December 31, 2017, and December 31, 2018, under () U.S GAAP b. Prepare the entryies) that Parnell would make on the December 31, 2018 conversion worksheet to convert US GAAP balances to and (2) IFRS IFRS Complete this question by entering your answers in the tabs below. Required A Required B for this equipment for the years ending December 31, 2017, and December 31, 2018, under (3) U.S. GAAP Prepare the and 2) FRS, (If no entry is required for a transaction/event, select-No journal entry required., the first account field.) Prev 13of6Next 5 8 command option