Sheffield Corp. purchased land as a factory site for $1345000. Sheffield paid $116000 to tear down two buildings on the land. Salvage was sold for $8100. Legal fees of $5080 were paid for title investigation and making the purchase. Architect's fees were $46500. Title insurance cost $3500, and liability insurance during construction cost $3800. Excavation cost $15660. The contractor was paid $4200000. An assessment made by the city for pavement was $9500. Interest costs during construction were $257000. The cost of the land that should be recorded by Sheffield Corp. is

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.