Parnell Company acquired construction equipment on January 1, 2017, at a cost of $77400. The equipment was expected to have a useful life of five years and a resldual value of $14,000 and is belng depreclated on a stralght-line basls. On January 1, 2018, the equipment was appralsed and determined to have a falr value of $72,700, a salvage value of $14,000, 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 a U.S.-based company 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 a Prepare Journal entries for this equipment for the years ending December 31, 2017, and December 31, 2018, under () U.S. GAAP and (2) IFRS. b. Prepare the entry(les) that Parnell would make on the December 31, 2018 conversion worksheet to convert U.S. GAAP balances to FRS