Parnell Company acquired construction equipment on January $1,2023,$ at a cost of $$71,700.$ The equipment was expected to have a useful life of five years and a residual value of $$10,000$ and is being depreciated on a straight$-$line basis. On January $1,2024,$ the equipment was appraised and determined to have a fair value of $$67,700,$ a salvage value of $$10,000,$ and a remaining useful life of four years. In measuring property, plant, and equipment subsequent to acquisition under IFRS, Parnell would opt to use the revaluation model in IAS $16.$

Assume that Parnell Company is a U$.$S$.-$based company that is issuing securities to foreign investors who require financial statements prepared in accordance with IFRS. Thus, adjustments to convert from U$.$S$.$ GAAP to IFRS must be made. Ignore income taxes.

Required:

Prepare journal entries for this equipment for the years ending December $31,2023,$ and December $31,2024,$ under $(1)$ U$.$S$.$ GAAP and $(2)$ IFRS.

Prepare the entry$($ies$)$ that Parnell would make on the December $31,2024,$ conversion worksheet to convert U$.$S$.$ GAAP balances to IFRS.