Equipment 300,000notes payable 270,000cash 30,000note that both the liability and asset will decline over time. as in yesterday’s assignment, assume straight line depreciation, with an estimated salvage value of $50,000. at the end of eight years, the equipment is sold for $40,000.on the date of purchase, 1/1/year1, the company hadassets (possibly among other assets): equipment $300,000liabilities (possibly among other liabilities): note payable $270,000prepare a spreadsheet showing what these asset and liability balances will be for years 1 through 8, end of year. you will need to add a line to show accumulated depreciation, as well as "equipment, net accumulated depreciation". for year 8, show all accounts and balances, even if they are zero.

Trecek corporation incurs research and development costs of $625,000 in 2017, 30 percent of which relate to development activities subsequent to ias 38 criteria having been met that indicate an intangible asset has been created. the newly developed product is brought to market in january 2018 and is expected to generate sales revenue for 10 years. assume that a u.s.–based company 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 research and development costs for the years ending december 31, 2017, and december 31, 2018, under (1) u.s. gaap and (2) ifrs. (c) prepare the entry(ies) that trecek would make on the december 31, 2017, and december 31, 2018, conversion worksheets to convert u.s. gaap balances to ifrs.