D. Inventory must be reported at lower-of-cost-or-market for both U.S. GAAP and IFRS. U.S. GAAP defines market value as replacement cost subject to a ceiling of net realizable value (NRV) and a floor of NRV less normal profit margin. IFRS defines market value as always equal to NRV without a floor or ceiling. In addition, under IFRS if an inventory write-down from a prior period is no longer appropriate, then the write-down should be reversed. In the current year a $240 inventory write-down that was written-off to cost of goods sold the previous year should be reversed.

Other accrued expenses is a current liability.

E. Under U.S. GAAP a checking account with a negative balance due to overdrafts is listed as a liability, even if the entity has other checking accounts with positive balances. For this entity one checking account has a negative balance of $30 and is listed as Other accrued expenses in the current liability section. Another checking account has a positive balance of $150, which is already included in cash and equivalents under U.S. GAAP. Under IFRS bank overdrafts can be offset against other cash accounts when overdrafts are payable on demand and fluctuate between positive and negative amounts as part of the normal cash management program, which is the case for this entity.

F. Under U.S. GAAP the completed-contract method is used to account for a long-term construction contract for this entity. Under IFRS, the cost recovery method is required to be used in this instance instead of the completed-contract method, which would result in the need to record an additional $300 in both costs of goods sold and revenue related to the contract.

G. Under U.S. GAAP, prior service cost related to pensions is not immediately included in pension expense. It is stored in [accumulated] other comprehensive income and gradually amortized over the average remaining service life of active employees. Under IFRS, prior service cost is immediately expensed for those benefits that have already vested. The amount of the prior service cost that needs to be expensed under IFRS is $30. This firm uses Other expense (income), net to record the expensing of prior service cost.

What should be the Journal entry for this?