Trecek Corporation incurs research and development costs of $682,000 in 2020,30 percent of which relate to development activities fubsequent to IAS 36 criterla having been met that indicate an intanglble asset has been created. The newly developed product is prought 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 securttes to foreign investors who require financial ftatements prepared in accordance with IFRS. Thus, adjustments to convert from U.S. GAAP to IFRS must be made. Ignore income faxes. 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 entrylles) that Trecek would make on the December 31, 2020, and December 31, 2021, conversion worksheets to convert U.S. GAAP balances to IFRS. Answer is not complete. 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 fiald.) Trecek Corporation incurs research and development costs of $682.000 in 2020 , 30 percent of which relate to development activities subsequent to IAS 36 crteria having been met that indicate an intanglble 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 secuntles 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 taves. 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. Prepate the entry(les) that Trecek would make on the December 31,2020, and December 31, 2021. conversion worksheets to convert U.S. GAAP balances to IFRS. Answer is not complete. 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 workaheets to convert U.S. GAAP balances to IFRS. (If no entry is required for a transaction/event, select "No journal ontry required" in the first wecount field.)