Assume that a foreign company using IFRS is owned by a company using U.S. GAAP. Thus, IFRS balances must be converted to U.S. GAAP to prepare consolidated financial statements. Ignore income taxes. Izmir AS issued convertible bonds at their face value of 120,000 lira on December 31, 2020. The bonds have a 12-year life with Interest of 9 percent payable annually. At the date of issue, the prevalling Interest rate for similar debt without a conversion option wa 11 percent Required: . Prepare journal entries for this compound financial Instrument for the year ending December 31, 2020, under (1) IFRS and (2) U.S. GAAP b. Prepare the entrydies) that the U.S.parent would make on the December 31, 2020, conversion worksheet to convert IFRS balances to US GAAP Assume that a foreign company using IFRS is owned by a company using U.S. GAAP. Thus, IFRS balances must be converted to U.S. GAAP to prepare consolidated financial statements. Ignore income taxes, teme AS issued convertible bonds at their face value of 120.000 lira on December 31, 2020. The bonds have a 12-year life with Interest of 9 percent payable annually. At the date of issue, the prevailing interest rate for similar debt without a conversion option was 11 percent Required: o. Prepare journal entries for this compound financial Instrument for the year ending December 31, 2020, under (1) IFRS and (2) U.S. GAAP b. Prepare the entrylles) that the U.S parent would make on the December 31, 2020, conversion worksheet to convert IFRS balances to US GAAP