Surat Limited paid cash to acquire an aircraft on January 1, 2017, at a cost of 30,000,000 rupees. The aircraft has an estimated useful life of 40 years and no salvage value. The company has determined that the aircraft is composed of three significant components with the following original costs (in rupees) and estimated useful lives:

Component          Cost         Useful Life

Fuselage          10,000,000         40years

Engines            15,000,000         30years

Interior               5,000,000          20years 

Total  :             30,000,000  

The U.S. parent of Surat does not depreciate assets on a component basis, but instead depreciates assets over their estimated useful life as a whole.

Assume that a foreign 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 financial statements. Ignore income taxes.

Record the entry for the cost of aircraft on its purchase as per IFRS.

Record the entry for the depreciation of aircraft as per IFRS.

Record the entry for the cost of aircraft on its purchase as per U.S. GAAP.

Record the entry for the depreciation of aircraft as per U.S. GAAP. 

Record the entry for the depreciation of aircraft as per IFRS.

Record the entry for the depreciation of aircraft as per U.S. GAAP.

Record the conversion entry needed for 12/31/17. 

Record the conversion entry needed for 12/31/18.