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On January 1, 2020, ABCAir purchases an airplane for $14,400,000. The components of the airplane and their useful lives are as follows: Component Cost Useful lifeFrame $7,200,000 24 yearsEngine $4,800,000 20 yearsOther $2,400,000 10 years ABCAir uses the straight-line method of depreciation. The asset is assumed to have no salvage value. Question 1: Create the journal entries required to record the purchase of the asset and the first-year depreciation under US GAAP. Question 2: Create the journal entries required to record the purchase of the asset and the first-year depreciation under IFRS, assuming component depreciation.
Financial Statement Analysis and Preparation
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