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 A.S. issued convertible bonds at their face value of 136,000 lira on December 31, 2020. The bonds have a 10-year life with interest of 10 percent payable annually. At the date of issue, the prevailing interest rate for similar debt without a conversion option was 12 percent. Required: a. 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 entry(ies) that the U.S. parent would make on the Deo ber 31, 2020, conversion worksheet to convert IFRS balances to U.S. GAAP. Required A Required B Prepare journal entries for this compound financial instrument for the year ending December 31, 202 GAAP. (If no entry is required for a transaction/event, select "No journal entry required" in the first a decimals. Round your intermediate and final answers to nearest whole dollar.) View transaction list Journal entry worksheet