solved I’m studying for my Accounting class and need an explanation.

I’m studying for my Accounting class and need an explanation.

Assigned US Airline: United Airlines – Foreign Airline: Air CanadaPlease answer all of the following questions of the financial statements of the above airlines.1. What amounts do your foreign and U.S. airline report for the following items for the last fiscal year?a.Long-term assetsb.Property, plant and equipment c.Intangible assetsd.Trading financial assets or Investments accounted for at fair value through profit and losse.Available-for-sale financial assets f.Held-for-maturity financial assetsg.Investments accounted for using the equity method h.Derivative financial instrumentsi.Deferred tax assetsj.Interest Revenuek.Dividend Revenue B2. How does the foreign airline report/value its property, plant, and equipment? Does it have a policyon revaluing property, plant, and equipment? Suppose it decided to revalue its flight equipment on thelast day of the fiscal year and that the fair value of the equipment on that date was 12 billion. Prepare thejournal entry to record the revaluation assuming that the journal entry to record annual depreciation hadalready been recorded. (Hint: you may need to locate the original cost and accumulated depreciation ofthe equipment at the end of the year in the appropriate disclosure note.) B3. Describe any differences between IFRS and U.S. GAAP in the calculation of depreciation. Howdoes each airline calculate depreciation expense? What is the amount of depreciation expense for each? B4. How does the foreign airline report/value its intangible assets? Does the company have a policy ofrevaluing intangible assets? What method does the foreign airline use to amortize the cost ofIT/computer software development costs? How does this approach differ from U.S. GAAP? a. Examine the income statements for both airlines. For each, what is the total amount ofamortization of software development costs?b. For each, is there amortization for other items? If so, for what and how much?B5. Does the foreign airline report any research and development expenditures? If so, its approach toaccounting for research and development would be significantly different from U.S. GAAP. Describethe differences between IFRS and U.S. GAAP in accounting for research and development expenditures.What is the total amount of research and development expenditures for each airline? B6. How does the airline account for investments? Is that approach consistent with U.S. GAAP?a.As of the balance sheet date, how much of the balances are classified as current and howmuch as noncurrent? b.How much of the fair value of those investments is accounted for using level 1, level 2, andlevel 3 inputs of the fair value hierarchy