Sorocaba Ltda, sold a building to Banco Janeiro on January 1, 2017 for 200,000 reals and then leased it back under a 10 year lease agreement, which is accounted for as an operating lease. The building had a carrying amount of 150,000 reais and a fair value of 200,000 reais on the date of sale. 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 Required: a. Prepare journal entries for this sale and leaseback for the years ending December 31, 2017 and December 31, 2018. under (1) IFRS and (2) U.S. GAAP b. Prepare the entrylies) that the US parent would make on the December 31, 2017 and December 31, 2018.conversion worksheets to convert IFRS balances to U.S. GAAP Complete this question by entering your answers in the tabs below. Required A Required B Prepare journal entries for this sale and leaseback for the years ending December 31, 2017 and December 31, 2018, under (1) IFRS and (2) U.S. GAAP. If no entry is required for a transaction/event, select 'No jouma ent required in the first account field.) View transaction list Journal entry worksheet 1 2 3 4 5 Record the entry for the gain on sale of building as per IFRS. ustetter debts before creats General Journal Debit Credit 01012017 Required: a. Prepare journal entries for this sale and leaseback for the years ending December 31, 2017 and December 31, 2018, under (1) IFRS and (2) U.S. GAAP. b. Prepare the entry(ies) that the U.S.parent would make on the December 31, 2017, and December 31, 2018, conversion worksheets to convert IFRS balances to US GAAP. Complete this question by entering your answers in the tabs below. Required A Required B Prepare journal entries for this sale and leaseback for the years ending December 31, 2017, and December 31, 2018, under 1) IFRS and (2) U.S. GAAP. (If no entry is required for a transaction/event, select No journal entry required in the first account field.) View transaction list 1 Record the entry for the gain on sale of building as per IFRS. 2 Record the entry for the gain on sale of building as per U.S. GAAP. 3 Record the entry for recognizing amortized deferred gain on sale of building in Profit and Loss account under U.S. GAAP. Credit - Record the entry for the gain on sale of building as per IFRS. 5 Record the entry for recognizing amortized deferred gain on sale of building in Profit and Loss account under U.S. Note : = journal entry has been entered Required: a. Prepare journal entries for this sale and leaseback for the years ending December 31, 2017, and December 31, 2018, under (1) IFRS and (2) U.S. GAAP. b. Prepare the entry(ies) that the U.S. parent would make on the December 31, 2017, and December 31, 2018, conversion worksheets to convert IFRS balances to US 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, 2017, and December 31, 2018, conversion worksheets to convert IFRS balances to U.S. GAAP. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. View transaction list 1 Record the conversion entry needed for 12/31/17. 2 Record the conversion entry needed for 12/31/18. Credit