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Mikkeli OY acquired a brand name with an indefinite life in 2021 for 44,800 markkas. At December 31,2020, the brand name could be sold for 36,500 markkas, with zero costs to sell. Expected cash flows from the continued use of the brand aro 47,050 markkas, and the present value of this amount is 35,500 markkas. Assume that Mikell OY is a foreign company using IFRS and is owned by a company using U.S. GAAP. Thus, IFRS balances must be converted to US. GAAP to prepare consolidated financial statements. Ignore income taxes. Required: a. Prepare journal enties for this brand name for the year ending December 31, 2020, under (1) IFRS and (2) US, GAAP. b. Prepare the entry(les) that the U.S. parent would make on the December 31,2020 conversion worksheet to convert iffS bulances to US. GAAP. Complete this question by entering your answers in the tabs below. Prepare Journal entries for this brand name for the year ending December 31,2020 , under (1) IFRS and (2) U.S. GAMP. (LH no entry is required for a transactionvevent, select "No journal entry required" in the first account fieldi.) Prepare foumal entries for this brand name for the year ending December 31, 2020, under (1) 17 AS and (2) U.5. GAAS, (Hf no entry is required for a transaction/event, se'ect 'No journal entry required' in the fins account field.) Mecord the entry for the loss on impairment of brand as per IFRS. Record the entry for the loss on impairment of brand as per U.S. GAAR Note : 0 = journal entry has been entered Creait Prepare the entry(les) that the U.S. parent would make on the December 31, 2020 conversion worksheet to convert ifics balances to U.5. GAAR (if no entry is required for a transactionvevent, select "No journal entry required" in the first occount fiold.) (1) Record the conversion entry needed for 12/31/20. 2 Record the conversion entry needed for 12/31/21