Instructions:1. Determine whether the building is impaired as of January 1 2011.

Instructions:1. Determine whether the building is impaired as of January 1 2011. Make your determination using the provisions of both U.S. GAAP and IAS 36. Compare your answers.2. Assume that JJS uses U.S. GAAP. Compute depreciation expense for 2011. 3. Assume that JJS is a non-U.S. company and uses international accounting standards. Compute depreciation expense for 2011.4. Assume that JJS is a non-U.S. company and uses international accounting standards. Further assume that the building has a fair value of $14000000 on January 1 2011 and that JJS chooses to upwardly revalue its long-term operating assets when they increase in value. Compute depreciation expense for 2011.