Prepare journal entries for this compound financial instrument for th GAAP. (If no entry is required for a transaction/event, select "No jou decimals. Round your intermediate and final answers to nearest who Record the entry for the issue of bonds as per IFRS. Record the entry for the issue of bonds as per U.S. GAAP. Assume that a foreign company using IFRS 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 Izmir AS. issued convertible bonds at their face value of 102,000 lira on December 31,2020 . The bonds have a 12-year life with interest of 9 percent payable annually. At the date of issue, the prevaling interest rate for similar debt without a conversion option was 11 percent. Required: a. Prepare journal entries for this compound financial instrument for the year ending December 31,2020 , under (1) IFRS and (2) U.S. GAAP b. Prepare the entry(ies) that the U.S. parent would make on the December 31, 2020, conversion worksheet to convert IFRS balances to US GAAP. Prepare the entry(ies) that the U.S. parent would make on the December 31,20 U.S. GAAP. (If no entry is required for a transaction/event, select "No journal ent 7 decimals. Round your intermediate and final answers to nearest whole dollar.) (1) Record the conversion entry needed for 12/31/20