Mikkeli OY acquired a brand name with an indefinite life in 2020 for 43,800 markkas. At Decembet 31, 2020, the brand name could be sold for 37,200 markkas, with zero costs to sell. Expected cash flows from the continued use of the brand are 46,000 markkas, and the present value of this amount is 36,200 markkas. Assume that Mikkell OY is a foreign company using IFRS and 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: Q. Prepare journal entries for this brand name for the year ending December 31,2020 , under (1) IFRS and (2) US. GAAP b. Prepare the entry(les) that the US. parent would make on the December 31, 2020 conversion worksheet to convert IFRS balances to U.S. GAAP. What entry(ies), if any, would be made at 12/31/21, assuming that the Brand has suffered no further impaiment in 2021. (3) Answer is not complete. Complete this question by entering your answers in the tabs below. Prepare journal entries for this brand name for the year ending December 31, 2020. under (1) ifRS and (2) U.5. GAAR: (If no entry is required for a transaction/event select. Wo joumal ontry required' in tho first aceount field 3 Mikkeli OY acquired a brand name with an indefinite life in 2020 for 43,800 markkas. At December 31,2020 , the brand name could be sold for 37,200 markkas, with zero costs to sell. Expected cash flows from the continued use of the brand are 46,000 markkas, and the present value of this amount is 36,200 markkas Assume that Mikkeli OY is a foreign company using IFRS and 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 toxes. Required: Q. Prepare joumal 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. GA.P. What entry(ies), if any, would be made at 12/31/21, assuming that the Brand has suffered no further impairment in 2021 Answer is not complete. Complete this question by entering your answers in the tabs below. Prepare the entry(ies) that the U.5. parent would make on the December 31,2020 conversion worksheet to convert IFRS balances to U.S. GAAP. What entry(les), If any, would be made at 12/31/21, assuming that the Brand has suffered no further impairment in 2021, (If no entry s required fors transactionvevent, splect 110 journatentry required in the first accouns