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Create the journal entries required to record the purchase

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Question - 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 life

Frame $7,200,000 24 years

Engine $4,800,000 20 years

Other $2,400,000 10 years

ABCAir uses the straight-line method of depreciation. The asset is assumed to have no salvage value.

Required -

-Create the journal entries required to record the purchase of the asset and the first-year depreciation under US GAAP.

-Create the journal entries required to record the purchase of the asset and the first-year depreciation under IFRS, assuming component depreciation.

Reference no: EM132997065

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