Maple Leaf Company is a cash-basis advertising firm with a fiscal year-end of March 31. Maple Leaf’s employees earn a normal weekly wage of $18,000 during a five-day work week. March 31 falls on a Tuesday for the current year. Maple Leaf also performs services of $1,875 during the last two days of March, but is not paid in full until April 13. As a result of operations, Maple Leaf’s net income for the most recent fiscal year will be by

Trecek corporation incurs research and development costs of $625,000 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. ignore 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. (c) prepare the entry(ies) that trecek would make on the december 31, 2017, and december 31, 2018, conversion worksheets to convert u.s. gaap balances to ifrs.