Saved 2 2:40:51 Hokkaido Inc. was sued by a competitor in late 2020, and company management concluded that there was a 55 percent pro- that the company would lose the lawsuit. The best estimate of the loss on December 31, 2020, was 4,000,000 yen. In 2021, is concluded with Hokkaido paying its competitor 5,000,000 yen on May 15, 2021. Assume that Hokkaido is a foreign company using IFRS and is owned by a company using U.S. GAAP. Thus, IFRS balances converted to U.S. GAAP to prepare consolidated financial statements. Ignore income taxes. Required: a. Prepare journal entries for this lawsuit for the years ending December 31, 2020, and December 31, 2021, under (1) IFRS GAAP b. Prepare the entry(ies) that the U.S. parent would make on the December 31, 2020, and December 31, 2021, conversia to convert IFRS balances to U.S. GAAP Complete this question by entering your answers in the tabs below. Required A Required B Prepare the entry(ies) that the U.S. parent would make on the December 31, 2020, and December 31, 2021, conversion convert IFRS balances to U.S. GAAP. (If no entry is required for a transaction/event, select "No journal entry required" in