Microsoft Office Ho... >>> Reading list Mikkeli Oy acquired a brand name with an indefinite life in 2021 for 41,200 markkas. At December 31, 2020, the brand name could be sold for 35,100 markkas, with zero costs to sell. Expected cash flows from the continued use of the brand are 43,230 markkas, and the present value of this amount is 34,100 markkas. Assume that Mikkeli OY is a foreign company using IFRS and 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 brand name for the year ending December 31, 2020, under (1) IFRS and (2) U.S. GAAP. b. Prepare the entry(ies) that the U.S. parent would make on the December 31, 2020 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 brand name for the year ending December 31, 2020, 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.) View transaction list Journal entry worksheet 1 2 > Record the entry for the loss on impairment of brand as per IFRS. Mikkeli OY acquired a brand name with an indefinite life in 2021 for 41,200 markkas. At December 31, 2020, the brand name could be sold for 35.100 markkas, with zero costs to sell. Expected cash flows from the continued use of the brand are 43,230 markkas, and the present value of this amount is 34, 100 markkas. Assume that Mikkeli OY is a foreign company using IFRS and 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 brand name for the year ending December 31, 2020, under (1) IFRS and (2) U.S. GAAP. b. Prepare the entry(ies) that the U.S. parent would make on the December 31, 2020 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 the entry(ies) that the U.S. parent would make on the December 31, 2020 conversion worksheet to convert IFRS balances to U.S. GAAP. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet