Trecek Corporation incurs research and development costs of $680,000 in 2020 , 30 percent of which relate to development activities subsequent to IAS 36 criteria having been met that indicate an intangible asset has been created. The newly developed product is brought to market in January 2021 and is expected to generate sales revenue for 10 years. Assume that Trecek Corporation is a U.S.-based company that is issuing securities to foreign investors who require financial statements prepared in accordance with IFRS. Thus, adjustments to convert from U.S. GAAP to IFRS must be made. Ignore income taxes. Required: a. Prepare journal entries for research and development costs for the years ending December 31, 2020, and December 31, 2021, under (1) U.S. GAAP and (2) IFRS. b. Prepare the entry(ies) that Trecek would make on the December 31, 2020, and December 31, 2021, conversion worksheets to convert U.S. GAAP balances to IFRS. Complete this question by entering your answers in the tabs below. Prepare the entry for research and development costs for the years ending December 31, 2020, and December 31, 2021, under (1) U.S. GAAP and (2) IFRS. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Journal entry worksheet Record the research and development costs as per U.S. GAAP. Note: Enter debits before credits. Trecek Corporation incurs research and development costs of $680,000 in 2020 , 30 percent of which relate to development activities subsequent to IAS 36 criteria having been met that indicate an intangible asset has been created. The newly developed product is brought to market in January 2021 and is expected to generate sales revenue for 10 years. Assume that Trecek Corporation is a U.S.-based company that is issuing securities to foreign investors who require financial statements prepared in accordance with IFRS. Thus, adjustments to convert from U.S. GAAP to IFRS must be made. Ignore income taxes. Required: a. Prepare journal entries for research and development costs for the years ending December 31, 2020, and December 31, 2021, under (1) U.S. GAAP and (2) IFRS. b. Prepare the entry(ies) that Trecek would make on the December 31, 2020, and December 31, 2021, conversion worksheets to convert U.S. GAAP balances to IFRS. Complete this question by entering your answers in the tabs below. Prepare the entry(ies) that Trecek would make on the December 31,2020, and December 31, 2021, conversion worksheets to convert U.S. GAAP balances to IFRS. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Journal entry worksheet Record the conversion entry needed for the research and development costs for 12/31/20. Note: Enter debits before credits