Izmir AS issued convertible bonds at their face value of 102,000 lira on December 31, 2017. The bonds have a 12-year life with interest of 9 percent payable annually. At the date of issue, the prevailing interest rate for similar debt without a conversion option was 11 percent 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 Required: a. Prepare journal entries for this compound financial instrument for the year ending December 31, 2017, under (1) IFRS and (2) U.S. GAAP b. Prepare the entryfies) that the U.S. parent would make on the December 31, 2017, conversion worksheet to convert IFRS balances to U.S. GAAP Complete this question by entering your answers in the tabs below. Required A Required B Prepare journal entries for this compound financial instrument for the year ending December 31, 2017, under (1) 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. Do not round PV factor Round the final answers to nearest whole dollar.) View transaction list Journal entry worksheet Required A Required B Prepare journal entries for this compound financial instrument for the year ending December 31, 2017, under (1) 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. Do not round PV factor Round the final answers to nearest whole dollar.) View transaction list Journal entry worksheet 1 2 Record the entry for the issue of bonds as per IFRS. Note: Enter debits before credits General Journal Debit Credit Date 121312017