Mikkeli OY acquired a brand name with an indefinite life in $2024$ for $41,200$ markkas. At December $31,2024,$ 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:

Prepare journal entries for this brand name for the year ending December $31,2024,$ under $(1)$ IFRS and $(2)$ U$.$S$.$ GAAP.

Prepare the entry$($ies$)$ that the U$.$S$.$ parent would make on the December $31,2024$ conversion worksheet to convert IFRS balances to U$.$S$.$ GAAP.