Harrington Company was sued by an employee in late 2023. General counsel concluded that there was an 80 percent probability that the company would lose the lawsult. The range of possible loss is estimated to be $20,600 to $72,100, with no amount in the range more likely than any other. The lawsult was settled in 2024, with Harrington making a payment of $61,800. Assume that Harrington Company is a U.S.based company that is issuing securtles to forelgn investors who require financial statements prepared in accordance with IFRS. Thus, adjustments to convert from U.S. GAAP to IFRS must be made. Ignore income taxes. Required: 0. Prepare journal entries for this lawsult for the years ending December 31, 2023, and December 31, 2024, under (1) US. GAAP and (2) IFRS b. Prepare the entry(ies) that Harrington would make on the December 31, 2023, and December 31, 2024, conversion worksheets to convert U.S, GAAP balances to IFRS Complete this question by entering your answers in the tabs below. Prepare joumal entries for this lawsuit for the years ending December 31, 2023, and December 31, 2024, under (1) U.S. GAAP and (2) IFRS. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. 1 Record the entry for the litigation liability as per U.S. GAAP. 2 Record the entry for the litigation liability as per IFRS. 3 Record the entry for the settlement of litigation liability as per U.S, GAAP. 4 Record the entry for the settlement of litigation liability Credit as per IFRS. Prepare the entry(ies) that Harrington would make on the December 31,2023 , and December 31, 2024, conversion worksheets to convert U.S. GAAP balances to IFRS. Note: If no entry is required for a transactionvevent, select "No journal entry required" in the first account field. 1 Record the conversion entry needed for 12/31/23. 2 Record the conversion entry needed for 12/31/24