Assume that a foreign company using IFRS is owned by a company using US. GAAP. Thus, IFRS balances must be converted to US GAAP to prepare consolidated financial statements, ignore income tares Izmir A. Issued convertible bonds ot their face value of 113,000 ura on December 31, 2024. The bonds have a 10-year ife with interest of 12 percent payoble annually. At the date of issue, the prevaling interest rate for similar debt without a conversion option was 14 percent Required: a. Prepare journal entrles for this compound financial instrument for the year ending December 31, 2024, under (1) IFRS and (2) U.S. GAAP ADbreviated PV Toble b. Prepare the entry(les) that the US. parent would make on the December 31,2024 , conversion worksheet to convert IFRS balances to US. GAAP Abtreviated PV Toble Complete this question by entering your answers in the tabs below. Prepare joumal entries for this compound finanogal instrument for the year ending December 31, 2024, under (1) IFRS and (2) U.S. GMAP. Abbreviated PV Table Note: If no entry is required for a transactionvevent, select "No journal entry required" in the first account field, Round PV factor to ? deomals, Round your intermediate and final answers to nearest whole dollac. Show lnw 4 Prepare journal entries for this compound financial instrument for the year ending December 31,2024 , under (1) IFRS and (2) U.S. GAAP. Abbreviated PV Table Note: 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. Journal entry worksheet Record the entry for the issue of bonds as per U.S. GAAP. Note: Enter debits before credes. Prepare the entry(ies) that the U.S. parent would make on the December 31, 2024, conversion worksheet to convert IFRS balances to U.S. GAAP, Abbreviated PV Table Note: 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. Journal entry worksheet Record the conversion entry needed for 12/31/24. Notei Enter debits before credits