Assume that a foreign campany using IFRS is owned by a company using US GAAP. Thus, IFRS balances must be converted to US GAAP to prepare consolidsted trancial statements ignore income taxes tzmir AS issued convertsie bonas af their tace value of 133.000 lira on December 31, 2020 . The bonds have a 8 year life with interect of 13 percemt peyatie annusily At the dahe of issue, the prevailing interest rate for similar debt without a conversion option was 15 percent Reuired: 8. Prepare joumal emtries for this compound financial instrument for the year ending December 31, 2020. under (1) IFRS and (2) US. GAAP b. Prepare the entry(ies) that the US parent would make on the December 31. 2020 , conversion worksheet to convent If RS balances to US GAAP Complete this question by entering your answers in the tabs below. Prepare journal entries for this compound financial instrument for the year ending December 31, 2020, under (1) IFRS and (2) U.S. GAAP. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Round PV factor to 7 decimals. Round your intermediate and final answers to nearest whole dollar.) Complete this question by entering your answers in the tabs below. Prepare the entry(ies) that the U.S. parent would make on the December 31,2020 , conversion worksheet to convert IFRS balances to U.S. GAAP. (If no entry is required for a transaction/event, select "No journal entry required" in the first accou field. Round PV factor to 7 decimals. Round your intermediate and final answers to nearest whole dollar.)