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Surat Limited pald cash to acquire an alrcraft on January 1, 2020, at a cost of 31,640,000 rupees. The alrcraft has an estumated useful IIfe of 40 years and no salvage value. The company has determined that the alrcraft is composed of three significant components with the following original costs (In rupees) and estimated useful lives: The U.S. parent of Surat does not depreclate assets on a component basis, but Instead depreclates assets over thelr estimated useful Iffe as a whole. Assume that a forelgn company using IFRS is owned by a company using U.S. GAAP. Thus, IFRS balances must be converted to U.S. GAAP to prepare consolidated financlal statements. Ignore Income taxes. Required: a. Prepare journal entrles for this alrcraft for the years ending December 31, 2020, and December 31, 2021, under (1) IFRS and (2) U.S. GAAP. b. Prepare the entry(les) that the U.S. parent would make on the December 31, 2020, and December 31, 2021, converslon worksheets to convert IFRS balances to U.S. GAAP. Complete this question by entering your answers in the tabs below. Prepare journal entries for this aircraft for the years ending December 31, 2020, and December 31, 2021, under (1) IFRS and (2) U.S. GAAP. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)

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