Question: On December 31, Year 1, Zelman's inventory of Product line X is as follows: Historical cost is $2,2 million. The estimated selling price is $2 million. The estimated cost of completion and selling is $200,000. The normal profit margin is 20%. On December 31, Year 2, the estimated selling price increased to $2,1 million with the same estimated selling cost of $200,000. a) Prepare the necessary journal entries for Years 1 and 2 under (1) IFRS and (2) U.S. GAAP. (Explain the numbers in the journal entries.)