International Accounting Assignment

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Hirsch Company acquired equipment at the beginning of $2023$ at a cost of $$123,000.$ The equipment has a five$-$year life with no expected salvage value and is depreciated on a straight$-$line basis. At December $31,2023,$ Hirsch compiled the following information related to this equipment:

Expected future cash flows from use of the equipment

Present value of expected future cash flows from use of the equipment

Fair value $($selling price less costs to dispose$)$

$$105,800$

$89,900$

$86,670$

Assume that Hirsch Company is a U$.$S$.-$based company that 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.

Required:

a$.$ Prepare journal entries for this equipment for the years ending December $31,2023,$ and December $31,2024,$ under $(1)$ U$.$S$.$ GAAP and $(2)$ IFRS.

b$.$ Prepare the entry$($ies$)$ that Hirsch would make on the December $31,2023,$ and December $31,2024,$ conversion worksheets to convert U$.$S$.$ GAAP balances to IFRS. Ignore the possibility of any additional impairment at the end of $2024.$

Complete this question by entering your answers in the tabs below.

Required $A$

Required B