Prepare journal entries for this brand name for the year ending December 3 required for a transaction/event, select "No journal entry required" in the firs 1 Record the entry for the loss on impairment of brand as per IFRS. 2 Record the entry for the loss on impairment of brand as per U.S. GAAP. Prepare the entry(ies) that the U.S. parent would make on the December U.S. GAAP. What entry(ies), if any, would be made at 12/31/21, assuming no entry is required for a transaction/event, select "No journal entry requi 1 Record the conversion entry needed for 12/31/20. 2 Record the conversion entry needed for 12/31/21. Mikkell OY acquired a brand name with an indefinite life in 2020 for 43,800 markkas. At December 31,2020 , the brand name could be sold for 37,200 markkas, with zero costs to sell. Expected cash flows from the continued use of the brand are 46,000 markkas, and the present value of this amount is 36,200 markkas. Assume that Mikkeli OY is a foreign company using IFRS and is owned by a company using U.S. GAAP. Thus, IFRS balances must be converted to U.S. GAAP to prepare consolidated financial statements. Ignore income taxes. Required: o. Prepare journal entries for this brand name for the year ending December 31,2020 , under (1) IFRS and (2) U.S. GAAP. b. Prepare the entry(ies) that the US. parent would make on the Deceinber 31, 2020 conversion worksheet to convert IFRS balances to U.S. GAAP. What entry(ies), if any, would be made at 12/31/21, assuming that the Brand has suffered no further impairment in 2021