Mikkell OY acquired a brand name with an indefinite life in 2020 for 40,600 markkas. At December 31 , 2020 , the brand name could be sold for 35,800 markkas, with zero costs to sell. Expected cash flows from the continued use of the brand are 42,740 markkas, and the present value of this amount is 34,800 markkas. Assume that MIkkell 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. Requlred: a. Prepare journal entrles for this brand name for the year ending December 31, 2020, under (1) IFRS and (2) U.S. GAAP. b. Prepare the entry(les) that the U.S. 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. 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.S. GAAP. (I required for a transaction/event, select "No journal entry required" in the first account field.) Journal entry worksheet Record the entry for the loss on impairment of brand as per IFRS. Note: Enter debits before credits. Prepare the entry(ies) that the U.S. parent would make on the December 31,2020 conversion worksheet to convert IFRS U.S. GAAP. What entry(ies), if any, would be made at 12/31/21, assuming that the Brand has suffered no further impairm no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Journal entry worksheet Record the conversion entry needed for 12/31/20. Note: Enter debits before credits