Trecek Corporation incurs research and development costs of $680,000 in 2017, 30 percent of which relate to development activities subsequent to IAS 38 criteria having been met that indicate an intangible asset has been created. The newly developed product is brought to market in January 2018 and is expected to generate sales revenue for 10 years Assume that a U.S.-based company 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. lgnore income taxes. Required: a. Prepare journal entries for research and development costs for the years ending December 31, 2017, and December 31, 2018, under (1) U.S. GAAP and (2) IFRS. b. Prepare the entrylies) that Trecek would make on the December 31, 2017, and December 31, 2018, conversion worksheets to convert U.S. GAAP balances to IFRS. Required A Required B Prepare the entry for research and development costs for the years ending December 31, 2017, and Decemb GAAP and (2) IFRS. (If no entry is required for a transaction/event, select "No journal entry required" in the f View transaction list X: Import a new list Record the research and development costs as per U.S. GAAP. 1 2 Record the research and development costs as per IRFS. 3 Record the amortization expense as per U.S. GAAP 4 Record the amortization expense as per IFRS. Credit Note:journal entry has been entered Required A Required B Prepare the entry(ies) that Trecek would make on the December 31, 2017, and December 31, 2018, conversion works U.S. GAAP balances to IFRS. (If no entry is required for a transaction/event, select "No journal entry required" in the View transaction list Journal entry worksheet 2 Record the conversion entry needed for the research and development costs for 12/31/17 Note: Enter debits before credits. Date Credit General Journal Debit 12/13/2017 View general journal Record entry Clear entry