On January 1, 2020, Xlamen Company made amendments to its defined benefit pension plan that resulted in 62.700 yuan of past service cost. The plan has 5,070 active employees with an average expected remaining working life of 10 years. There currently are no retirees under the plan. Assume that Xiamen Company is a foreign company using IFRS and is owned by a company using US. GAAP. Thus, IFRS baiances must be converted to U.S. GAAP to prepare consolidated financial statements. Ignore income taxes. Requitred: a. Prepare joumal entries for the past service cost for the years ending December 31, 2020, and December 31, 2021, under (1) IFRS and (2) U.S. GA.AP. b. Prepare the entry(les) that the U.S. parent would make on the December 31, 2020, and December 31, 2021, conversion worksheets to convert IFRS balances to U.S. GAAP. Answer is not complete. Complete this question by entering your answers in the tabs below. Prepare journal entries for the part service cost for the vearz ending December 31, 2020, and December 31,2021, under (1) On January 1,2020, Xiamen Company mode amendments to its defined benefit pension plan that resulted in 62700 yuan of past service cost. The plan has 5,070 active employees with an overage expected remaining working life of 10 years. There currently are no retirees under the plan Assume that Xlamen Compony is a foreign company using IFRS and is owned by a compony using U.S GAAP. Thus. IFRS balances must be converted to U.S. GAAP to prepare consolidated financial stotements, Ignore income taxes Required: Q. Prepare journal entries for the past service cost for the years ending December 31, 2020, and December 31, 2021, under (1) IFRS and (2) U.S. GAAP. b. Prepare the entry(jes) that the US, parent would make on the December 31, 2020, and December 31, 2021, conversion worksheets to convert IFRS balances to U.S. GAAP. Answer is not complete. Complete this question by entering your answers in the tabs below. Prepare the entry(ies) that the U.S. parent would make on the December 31, 2020, and December 31, 2021, conversion worksheets to convert IFRS balances to U.S, GAAP. (If no entry is required for a transaction/event, select "No joumal entry teavired in the fiest account field.)