meck my workSurat Limited paid cash to acquire an aircraft on January 1, 2020, at a cost of 33,260,000 rupees. The aircraft has an estimateduseful life of 40 years and no salvage value. The company has determined that the aircraft is composed of three significantcomponents with the following original costs (in rupees) and estimated useful lives:ComponentFuselageEnginesInteriorCost12,400,00015,600,0005,260,00033,260,000Useful Life40 years30 years20 yearsedakThe U.S. parent of Surat does not depreciate assets on a component basis, but instead depreciates assets over their estimateduseful life as a whole.ncesAssume that a foreign company usng 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, conversionworksheets to convert IFRS balances to U.S. GAAP.Complete this question by entering your answers in the tabs below.w< Prev2 of 5 ENext >NO dtvSOUTEF4FSF102#2$%&346.789.deleteRYUPenteDFGHKret-CVBaltcommandoptionommand

Depreciation Expense In the accounting period in which a long-term asset is purchased, it should be…

S. parent of Surat does not depreciate assets on a component basis, but instead depreciates assets ove life as a whole. me that a foreign company usng IFRS is owned by a company using U.S. GAAP. Thus, IFRS balances must to prepare consolidated financial statements. Ignore income taxes. mired: repare journal entries for this aircraft for the years ending December 31, 2020, and December 31, 2021, unde U.S. GAAP. repare the entry(ies) that the U.S. parent would make on the December 31, 2020, and December 31, 2021, cc worksheets to convert IFRS balances to U.S. GAAP. Complete this question by entering your answers in the tabs below.

S. parent of Surat does not depreciate assets on a component basis, but instead depreciates assets ove life as a whole. me that a foreign company usng IFRS is owned by a company using U.S. GAAP. Thus, IFRS balances must to prepare consolidated financial statements. Ignore income taxes. mired: repare journal entries for this aircraft for the years ending December 31, 2020, and December 31, 2021, unde U.S. GAAP. repare the entry(ies) that the U.S. parent would make on the December 31, 2020, and December 31, 2021, cc worksheets to convert IFRS balances to U.S. GAAP. Complete this question by entering your answers in the tabs below.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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[The following information applies to the questions displayed below.] Assume that TDW Corporation (calendar year-end) has 2021 taxable income of $650,000 for purposes of computing the §179 expense. The company acquired the following assets during 2021: (Use MACRS Table 1, Table 2, Table 3, Table 4 and Table 5.) Asset Machinery Computer equipment Furniture Total Placed in Service Basis September 12 $ 2,270,000 February 10 April 2 263,000 880,000 $ 3,413,000 b. What is the maximum total depreciation, including §179 expense, that TDW may deduct in 2021 on the assets it placed in service in 2021, assuming no bonus depreciation? (Round your intermediate calculations and final answer to the nearest whole dollar amount.) Maximum total depreciation deduction (including §179 expense)
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On july 1, 2021, JULIA exchanged its-non-monetary asset (equipment) with GERALD's non-monetary asset (machinery). the following data were made available: JULIA: Equipment P4,400,000 accumulated depreciation 2,000,000 cash received from gerald 500,000 GERALD: Machinery P3,700,000 Accumulated depreiation 1,800,000 Fair value of the machinery 2,100,000 The transaction lack commerical substance. How much is the cost of the new asset of JULIA?
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