Parnell Company acquired construction equipment on January 1, 2020, at a cost of $74,100. The equipment was expected to have a useful life of six years and a residual value of $12,000 and is being depreciated on a straight-line basis. On January 1, 2021, the equipment was appraised and determined to have a fair value of $69,600, a salvage value of $12,000, and a remaining useful life of five 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 US-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: a. Prepare journal entries for this equipment for the years ending December 31, 2020, and December 31, 2021, under US GAAP and (2) IFRS b. Prepare the entrylles) that Parnell would make on the December 31, 2021, conversion worksheet to convert US GAAP balances to IFRS Complete this question by entering your answers in the tabs below. Required A Required B Prepare journal entries for this equipment for the years ending December 31, 2020, and December 31, 2021, under (1) U.S. GAAP and IFRS (If no entne is ruired for transaction event, select "No journal entry required in the first account field) Journal entry worksheet Record the entry for depreciation expense as per IFRS. es Note: Enter debits before credits. Date General Journal Debit Credit 12/31/2021 Journal entry worksheet