Option #1: Global Multinational Corporation In certain countries, the tax rate applied to a company's tax return reporting income depends upon whether the prots for the period are distributed or undistributed. Amounts are initially taxed at the higher rate, but a tax credit is received when the profits are distributed. Therefore, companies need to determine what rate (distributed versus the undistributed tax rate). Global Multinational Corporation (Global) is a U.S. company that owns and operates 100% of a consolidated subsidiary in a foreign jurisdiction where income taxes are payable at a higher rate on undistributed prots than on distributed earnings. For the year ending December 31, Year 1, Global's foreign subsidiaries taxable income is $150,000. Global's foreign subsidiary also has net taxable temporary differences amounting to $50,000 for the year, thus creating the need for a deferred tax liability on the balance sheet. The tax rate on distributed profits is 40%, and the tax rate on undistributed prots is 50%; the difference results in a credit if prots are distributed in the future. At the date of the balance sheet, no distributions have been proposed or declared. On March 31, Year 2, Global's foreign consolidated subsidiary distributes dividends of $75,000. Required: 1. Obtain and review the accounting and measurement guidance related to anticipated tax credits in IAS12, Income Taxes, and in Sections 25 and 30 of ASCY40-10, Income TaxesOverall. Document the relevant portions of the IFRS and US GAAP related to the accounting Global must follow for the above series of transactions. 2. Provide the required journal entries for both Year 1 and Year 2 under both the US GAAP and IFRS for each respective date where you are provided information in the above scenario. In your explanation for each journal entry, make sure you document the basis for each journal entry amount