For each date there needs to be:

1) A journal entry that is in acordance with U.S. GAAP

2) A journal entry that is in accordance with IFRS.

and adjusting entries in both as well.

Thank you!

Brussels issues 255,000 shares of mandatorily redeemable preferred stock for $255 per share. Brussels purchases 264,000 inventory items at a cost of $38.10 per item. Brussels will use the perpetual method and FIFO, if the methods are allowed. (Brussels pays cash.) Brussels leases two similar assets in two different manufacturing plants. The leases were separately negotiated. The assets each have an economic of ten years and a seven year lease. Brussels' incremental life options. Additional borrowing rate is 6%. The leases neither transfer ownership nor have bargain purchase options. Additional details for each leased asset follow: Asset A: as a fair market value of $900.000 and payments under the lease are s138.600 each year. The first payment is due at the inception of the lease. Asset B: Has a fair market value of $900.000 and payments under the lease are $137.700 each year. The first payment is due at the inception of the lease. The following information is available for the inventory items purchased on February 28, 2017: Net Realizable Value (NRV) = $39.30 Replacement Cost = $37.62 NRV minus normal margin = $34.67 Ignore taxes for this exercise