LGC Inc. is a private company. You have recently been hired as the CFO for the company and are currently finalizing the company year-end report for December 31, 2020. The company has an option to follow either IFRS or ASPE and has not yet made the choice. Three situations have arisen affecting the company's reporting of income taxes. These situations are described below. Year-end tax rates are 28%.

1. The company has a building that has recently been appraised at a fair value of $10 million. Currently, the building's carrying amount is $6.5 million and its original cost was $8 million. Accumulated capital cost allowance booked to date on the building is $2.3 million. (Ignore the one-time adjustments allowed to property, plant, and equipment for first-time adopters of IFRS or ASPE.)

2. PSL bought some equity investments during the year that are not publicly traded for a total cost of $340,000. The company purchased these as an investment to be sold soon. Currently, the shares have been valued at $510,000 as at December 31, 2020. There were no dividends received on this investment during the year. Task: For each of the situations described above, discuss the options for measuring and reporting the income tax implications under both IFRS and ASPE.