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Use the following to answer questions 10-12: On January 1,2016, AirFrance purchases an airplane for...

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Use the following to answer questions 10-12: On January 1,2016, AirFrance purchases an airplane for 14,400,000. The components of the airplane and their useful lives are as follows: Component Frame Engine Cost 7,200,000 4,800,000 2,400,000 Useful life 24 years 20 years 10 years Other AirFrance uses the straight-line method of depreciation. The asset is assumed to have no salvage value 10. Under US GAAP, the entry to record depreciation expense on the asset at December 31, 2016 will include A) a debit to depreciation expense of 1,440,000 B) a debit to depreciation expense of 800,000. C) a credit to accumulated depreciation of 600,000. D) a credit to accumulated depreciation of 1,200,000. 11. Under IFRS, the entry to record the acquisition of the airplane would include A) a debit to Asset/ Airplane frame of 14,400,000. B) cannot be determined from the information given. C) a debit to Asset/ Airplane of 14,400,000. D) a debit to Asset/ Airplane engine of 4,800,000. 12. Under IFRS, the entry to record depreciation expense on the asset at December 31, 2016 will include a credit to accumulated depreciation of A) 800,000. B) 600,000. C) 1,200,000 D) 1,440,000

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