Help Save& Exit Submit On January 1, 2017Xiamen Company made amendments to its defined benefit pension plan that resulted in 60000 yuan of past service cost. The plan has 5,000 active employees with an average expected remaining working lMe of 15 years. There currently are no retirees under the plan Assume that a foreign company using IFRS is owned by a company using US. GAAP Thus, IFRS balances must be converted to U.S GAAP to prepare consolidated financial statements. Ignore income taxes Required a. Prepare journal entries for the past service cost for the years ending December 31, 2017, and December 31, 2018, under (D) IFRS and (2) US. GAAP b. Prepare the entryies) that the U.S. parent would make on the December 31, 2017, and December 31, 2018, conversion worksheets to convert IFRS balances to US GAARP Complete this question by entering your answers in the tabs below Required A Required B Prepare journal entries for the past service cost for the years endrg December 31, 2017, and December 31, 201, under a) IFRS and (2) u.S. GAAP. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Prev4of 16Next 5 8 Help Save& Exit Submit On January 1, 2017Xiamen Company made amendments to its defined benefit pension plan that resulted in 60000 yuan of past service cost. The plan has 5,000 active employees with an average expected remaining working lMe of 15 years. There currently are no retirees under the plan Assume that a foreign company using IFRS is owned by a company using US. GAAP Thus, IFRS balances must be converted to U.S GAAP to prepare consolidated financial statements. Ignore income taxes Required a. Prepare journal entries for the past service cost for the years ending December 31, 2017, and December 31, 2018, under (D) IFRS and (2) US. GAAP b. Prepare the entryies) that the U.S. parent would make on the December 31, 2017, and December 31, 2018, conversion worksheets to convert IFRS balances to US GAARP Complete this question by entering your answers in the tabs below Required A Required B Prepare journal entries for the past service cost for the years endrg December 31, 2017, and December 31, 201, under a) IFRS and (2) u.S. GAAP. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Prev4of 16Next 5 8