On October 1, Year 1, the board of directors of Zelman, Inc. approved a restructuring plan. On December 1, Year 1, Zelman announced its plan to close a manufacturing division in California and move it to Vietnam. All the jobs in this division will be eliminated by the end of Year 2. The company offered a termination bonus of $10,000 to each affected employee who would stay with the company until the end of Year 2. Zelman estimates it will pay the termination bonuses at the end of Year 2 for a total of $1 mil. The present value of the estimated termination bonus is $850,000. a) Discuss the provision that should be recognized for Zelman's restructuring plan under (1) U.S. GAAP and (2) IFRS in Year 1. b) Prepare the necessary journal entries for the restructuring provision with the appropriate dates and amount under (1) U.S. GAAP and (2) IFRS.