sold for 35,200 markkas, with zero costs to sell. Expected cash flows from the continued use of the brand are 42,860 markkas, and the present value of this amount is 34,200 markkas. Assume that Mikkell OY is a forelgn 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: a. Prepare joumal entrles 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 IFRS balances to U.S. GAAP. What entrylles), If any, would be made at 12/31/21, assuming that the Brand has suffered no further impairment in 2021 . Complete this question by entering your answers in the tabs below. Drepare journal entriea for this brand name for the vear anding December 31, 2020, under (2) IFRS and (2) U.S, GAAR, (IF no entry it Journal entry worksheet Record the entry for the lost en impairment of brand in per IFRA. Mikkell OY acquired a brand name with an indefinite life in 2020 for 40,700 markkas. At December 31,2020 , the brand name coula De sold for 35,200 markkas, with zero costs to sell. Expected cash flows from the continued use of the brand are 42,860 markkas, and the present value of this amount is 34,200 markkas. Assume that Mikkell 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 financlal statements. Ignore income taxes. Required: a. Prepare journal entnes for this brand name for the year ending December 31,2020, under (1) IFRS and (2) U.S. GAAP. b. Prepare the entry(les) that the U.S. parent would make on the December 31,2020 conversion worksheet to convert IFRS balances to U.S. GAAP. What entry(les), If any, would be made at 123121 , assuming that the Brand has suffered no further impairment in 2021 . Complete this question by entering your answers in the tabs below. Prepare the entry (Ies) that the U.S. parent would make on the December 21,2020 converaien workabset to convert iFRs balances to Journal entry worksheet