A foreign subsidiary of a U.S.-based company has been notified of a loss contingency with an estimated cost ranging between $220,000 and $250,000 which is probable of resulting in an actual loss. Each dollar amount within this range of cost is equally likely of being the actual outcome. (Note: You must show your work to receive extra credit.) 4. a) Record the amount recognized according to U.S b) Record the amount recognized according to IFRS c) Prepare the conversion worksheets to convert U.S. GAAP to IFRS. d) Prepare the journal entry to convert the 2017 Pillow Ltd. financial statements from IFRS to U.S. GAAP