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Chapter 11 Homework Sived Help Save & Exit Submit Check my work 4. Parnell Company acquired construction equipment on January 1, 2017, at a cost of $70,500. The equipment was expected to have a useful life of six years and a residual value of $15,000 and is being depreciated on a straight-line basis. On January 1, 2018, the equipment was appraised and determined to have a fair value of $65,700, a salvage value of $15,000, 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 IAS 16. 10 points Assume that a US-based company is issuing securities to foreign investors who require financial statements prepared in accordance with IFRS. Thus, adjustments to convert from U.S. GAAP to IFRS must be made. Ignore income taxes eBook Print Required: a. Prepare journal entries for this equipment for the years ending December 31, 2017, and December 31, 2018. under (1) U.S. GAAP and (2) IFRS. b. Prepare the entryfies) that Parnell would make on the December 31, 2018 conversion worksheet to convert US GAAP balances to IFRS. References Complete this question by entering your answers in the tabs below. Required A Required B Prepare the entry for this equipment for the years ending December 31, 2017, and December 31, 2018, under (1) U.S. GAAP an IFRS. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet 4 5 6 Record the entry for depreciation expense as per U.S. GAAP. View transaction list Journal entry worksheet