On January 1, 2020, Xiamen Company made amendments to its defined benefit pension plan that resulted in 62,400 yuan of past service cost. The plan has 5,120 active employees with an average expected remaining working life of 12 years. There currently are no retirees under the plan. Assume that Xiamen Company 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 financial statements. Ignore income taxes. Required: a. Prepare journal entries for the past service cost for the years ending December 31, 2020, and December 31, 2021, under (1) IFRS and (2) U.S. GAAP b. Prepare the entry(ies) that the U.S. parent would make on the December 31, 2020, and December 31, 2021, conversion worksheets to convert IFRS balances to U.S. GAAP. Complete this question by entering your answers in the tabs below. Required A No Prepare journal entries for the past service cost for the years ending December 31, 2020, and December 31, 2021, 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) A 2 3 4 5 6 Required B Date 01/01/2020 No 1 01/01/2020 12/31/2020 2 12/31/2020 Required A 3 12/31/2021 12/31/2021 Past service cost expense Defined benefit obligation Answer is not complete. Required B General Journal Deferred past service cost (AOCI) Defined benefit obligation No journal entry required Complete this question by entering your answers in the tabs below. 12/31/2021 Past service cost expense Deferred past service cost (AOCI) 12/31/2021 Past service cost expense Deferred past service cost (AOCI) No journal entry required Answer is not complete. On January 1, 2020, Xiamen Company made amendments to its defined benefit pension plan that resulted in 62,400 yuan of past service cost. The plan has 5,120 active employees with an average expected remaining working life of 12 years. There currently are no retirees under the plan. Assume that Xiamen Company 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 financial statements, Ignore income taxes. Required: a. Prepare journal entries for the past service cost for the years ending December 31, 2020, and December 31, 2021, under (1) IFRS and (2) U.S. GAAP. b. Prepare the entry(ies) that the U.S. parent would make on the December 31, 2020, and December 31, 2021, conversion worksheets to convert IFRS balances to U.S. GAAP. Date 12/31/2020 Deferred past service cost (AOCI) Past service cost expense General Journal O O O O Accumulated other comprehensive income Retained earnings O O Past service cost expense Deferred past service cost (AOCI) < Required A O 00 Prepare the entry(ies) that the U.S. parent would make on the December 31, 2020, and December 31, 2021, 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.) O O O Debit 62.500 00 00 62,500 O • Credit 62,500 62.500 Debit Credit