diff --git a/.betterer.results b/.betterer.results
index fc5e3c214fe..9dc56a3748e 100644
--- a/.betterer.results
+++ b/.betterer.results
@@ -3775,7 +3775,8 @@ exports[`better eslint`] = {
       [0, 0, 0, "Do not use any type assertions.", "2"],
       [0, 0, 0, "Do not use any type assertions.", "3"],
       [0, 0, 0, "Unexpected any. Specify a different type.", "4"],
-      [0, 0, 0, "Unexpected any. Specify a different type.", "5"]
+      [0, 0, 0, "Unexpected any. Specify a different type.", "5"],
+      [0, 0, 0, "Unexpected any. Specify a different type.", "6"]
     ],
     "public/app/features/dashboard/api/v0.ts:5381": [
       [0, 0, 0, "Do not use any type assertions.", "0"]
diff --git a/public/app/features/dashboard-scene/serialization/sceneVariablesSetToVariables.ts b/public/app/features/dashboard-scene/serialization/sceneVariablesSetToVariables.ts
index eb35c143333..bb9c410c7ec 100644
--- a/public/app/features/dashboard-scene/serialization/sceneVariablesSetToVariables.ts
+++ b/public/app/features/dashboard-scene/serialization/sceneVariablesSetToVariables.ts
@@ -175,8 +175,6 @@ export function sceneVariablesSetToVariables(set: SceneVariables, keepQueryOptio
     } else if (sceneUtils.isAdHocVariable(variable)) {
       variables.push({
         ...commonProperties,
-        name: variable.state.name,
-        type: 'adhoc',
         datasource: variable.state.datasource,
         allowCustomValue: variable.state.allowCustomValue,
         // @ts-expect-error
diff --git a/public/app/features/dashboard/api/ResponseTransformers.test.ts b/public/app/features/dashboard/api/ResponseTransformers.test.ts
index a0ec37d375c..8100e0aa5b4 100644
--- a/public/app/features/dashboard/api/ResponseTransformers.test.ts
+++ b/public/app/features/dashboard/api/ResponseTransformers.test.ts
@@ -1,5 +1,6 @@
-import { DataQuery, VariableModel, VariableRefresh } from '@grafana/schema';
-import { DashboardV2Spec, VariableKind } from '@grafana/schema/dist/esm/schema/dashboard/v2alpha0';
+import { AnnotationQuery, DataQuery, VariableModel, VariableRefresh, Panel } from '@grafana/schema';
+import { DashboardV2Spec, PanelKind, VariableKind } from '@grafana/schema/dist/esm/schema/dashboard/v2alpha0';
+import { handyTestingSchema } from '@grafana/schema/dist/esm/schema/dashboard/v2alpha0/examples';
 import {
   AnnoKeyCreatedBy,
   AnnoKeyDashboardGnetId,
@@ -16,7 +17,12 @@ import {
 } from 'app/features/dashboard-scene/serialization/transformToV2TypesUtils';
 import { DashboardDataDTO, DashboardDTO } from 'app/types';
 
-import { getDefaultDatasource, getPanelQueries, ResponseTransformers } from './ResponseTransformers';
+import {
+  getDefaultDatasource,
+  getPanelQueries,
+  ResponseTransformers,
+  transformMappingsToV1,
+} from './ResponseTransformers';
 import { DashboardWithAccessInfo } from './types';
 
 jest.mock('@grafana/runtime', () => ({
@@ -546,15 +552,10 @@ describe('ResponseTransformers', () => {
               tooltip: 'Link 1 Tooltip',
             },
           ],
-          annotations: [],
-          variables: [],
-          elements: {},
-          layout: {
-            kind: 'GridLayout',
-            spec: {
-              items: [],
-            },
-          },
+          annotations: handyTestingSchema.annotations,
+          variables: handyTestingSchema.variables,
+          elements: handyTestingSchema.elements,
+          layout: handyTestingSchema.layout,
         },
         access: {
           url: '/d/dashboard-slug',
@@ -612,153 +613,237 @@ describe('ResponseTransformers', () => {
       expect(dashboard.fiscalYearStartMonth).toBe(dashboardV2.spec.timeSettings.fiscalYearStartMonth);
       expect(dashboard.weekStart).toBe(dashboardV2.spec.timeSettings.weekStart);
       expect(dashboard.links).toEqual(dashboardV2.spec.links);
-      expect(dashboard.annotations).toEqual({ list: [] });
+      // variables
+      validateVariablesV1ToV2(dashboardV2.spec.variables[0], dashboard.templating?.list?.[0]);
+      validateVariablesV1ToV2(dashboardV2.spec.variables[1], dashboard.templating?.list?.[1]);
+      validateVariablesV1ToV2(dashboardV2.spec.variables[2], dashboard.templating?.list?.[2]);
+      validateVariablesV1ToV2(dashboardV2.spec.variables[3], dashboard.templating?.list?.[3]);
+      validateVariablesV1ToV2(dashboardV2.spec.variables[4], dashboard.templating?.list?.[4]);
+      validateVariablesV1ToV2(dashboardV2.spec.variables[5], dashboard.templating?.list?.[5]);
+      validateVariablesV1ToV2(dashboardV2.spec.variables[6], dashboard.templating?.list?.[6]);
+      validateVariablesV1ToV2(dashboardV2.spec.variables[7], dashboard.templating?.list?.[7]);
+      // annotations
+      validateAnnotation(dashboard.annotations!.list![0], dashboardV2.spec.annotations[0]);
+      validateAnnotation(dashboard.annotations!.list![1], dashboardV2.spec.annotations[1]);
+      validateAnnotation(dashboard.annotations!.list![2], dashboardV2.spec.annotations[2]);
+      validateAnnotation(dashboard.annotations!.list![3], dashboardV2.spec.annotations[3]);
+      // panel
+      const panelKey = 'panel-1';
+      const panelV2 = dashboardV2.spec.elements[panelKey] as PanelKind;
+      expect(panelV2.kind).toBe('Panel');
+      validatePanel(dashboard.panels![0], panelV2, dashboardV2.spec.layout, panelKey);
+      // library panel
+      expect(dashboard.panels![1].libraryPanel).toEqual(dashboardV2.spec.elements['library-panel-1'].spec);
     });
-  });
 
-  describe('getPanelQueries', () => {
-    it('respects targets data source', () => {
-      const panelDs = {
-        type: 'theoretical-ds',
-        uid: 'theoretical-uid',
-      };
-      const targets: DataQuery[] = [
-        {
-          refId: 'A',
-          datasource: {
-            type: 'theoretical-ds',
-            uid: 'theoretical-uid',
+    describe('getPanelQueries', () => {
+      it('respects targets data source', () => {
+        const panelDs = {
+          type: 'theoretical-ds',
+          uid: 'theoretical-uid',
+        };
+        const targets: DataQuery[] = [
+          {
+            refId: 'A',
+            datasource: {
+              type: 'theoretical-ds',
+              uid: 'theoretical-uid',
+            },
           },
-        },
-        {
-          refId: 'B',
-          datasource: {
-            type: 'theoretical-ds',
-            uid: 'theoretical-uid',
+          {
+            refId: 'B',
+            datasource: {
+              type: 'theoretical-ds',
+              uid: 'theoretical-uid',
+            },
           },
-        },
-      ];
+        ];
 
-      const result = getPanelQueries(targets, panelDs);
+        const result = getPanelQueries(targets, panelDs);
 
-      expect(result).toHaveLength(targets.length);
-      expect(result[0].spec.refId).toBe('A');
-      expect(result[1].spec.refId).toBe('B');
+        expect(result).toHaveLength(targets.length);
+        expect(result[0].spec.refId).toBe('A');
+        expect(result[1].spec.refId).toBe('B');
 
-      result.forEach((query) => {
-        expect(query.kind).toBe('PanelQuery');
-        expect(query.spec.datasource).toEqual({
-          type: 'theoretical-ds',
-          uid: 'theoretical-uid',
+        result.forEach((query) => {
+          expect(query.kind).toBe('PanelQuery');
+          expect(query.spec.datasource).toEqual({
+            type: 'theoretical-ds',
+            uid: 'theoretical-uid',
+          });
+          expect(query.spec.query.kind).toBe('theoretical-ds');
         });
-        expect(query.spec.query.kind).toBe('theoretical-ds');
       });
-    });
 
-    it('respects panel data source', () => {
-      const panelDs = {
-        type: 'theoretical-ds',
-        uid: 'theoretical-uid',
-      };
-      const targets: DataQuery[] = [
-        {
-          refId: 'A',
-        },
-        {
-          refId: 'B',
-        },
-      ];
+      it('respects panel data source', () => {
+        const panelDs = {
+          type: 'theoretical-ds',
+          uid: 'theoretical-uid',
+        };
+        const targets: DataQuery[] = [
+          {
+            refId: 'A',
+          },
+          {
+            refId: 'B',
+          },
+        ];
 
-      const result = getPanelQueries(targets, panelDs);
+        const result = getPanelQueries(targets, panelDs);
 
-      expect(result).toHaveLength(targets.length);
-      expect(result[0].spec.refId).toBe('A');
-      expect(result[1].spec.refId).toBe('B');
+        expect(result).toHaveLength(targets.length);
+        expect(result[0].spec.refId).toBe('A');
+        expect(result[1].spec.refId).toBe('B');
 
-      result.forEach((query) => {
-        expect(query.kind).toBe('PanelQuery');
-        expect(query.spec.datasource).toEqual({
-          type: 'theoretical-ds',
-          uid: 'theoretical-uid',
+        result.forEach((query) => {
+          expect(query.kind).toBe('PanelQuery');
+          expect(query.spec.datasource).toEqual({
+            type: 'theoretical-ds',
+            uid: 'theoretical-uid',
+          });
+          expect(query.spec.query.kind).toBe('theoretical-ds');
         });
-        expect(query.spec.query.kind).toBe('theoretical-ds');
       });
     });
   });
-});
-
-function validateVariablesV1ToV2(v2: VariableKind, v1: VariableModel | undefined) {
-  if (!v1) {
-    return expect(v1).toBeDefined();
-  }
-
-  const v1Common = {
-    name: v1.name,
-    label: v1.label,
-    description: v1.description,
-    hide: transformVariableHideToEnum(v1.hide),
-    skipUrlSync: v1.skipUrlSync,
-  };
-  const v2Common = {
-    name: v2.spec.name,
-    label: v2.spec.label,
-    description: v2.spec.description,
-    hide: v2.spec.hide,
-    skipUrlSync: v2.spec.skipUrlSync,
-  };
-
-  expect(v2Common).toEqual(v1Common);
-
-  if (v2.kind === 'QueryVariable') {
-    expect(v2.spec.datasource).toEqual(v1.datasource);
-    expect(v2.spec.query).toEqual({
-      kind: v1.datasource?.type,
-      spec: {
-        ...(typeof v1.query === 'object' ? v1.query : {}),
-      },
-    });
-  }
-
-  if (v2.kind === 'DatasourceVariable') {
-    expect(v2.spec.pluginId).toBe(v1.query);
-    expect(v2.spec.refresh).toBe(transformVariableRefreshToEnum(v1.refresh));
-  }
-
-  if (v2.kind === 'CustomVariable') {
-    expect(v2.spec.query).toBe(v1.query);
-    expect(v2.spec.options).toEqual(v1.options);
-  }
 
-  if (v2.kind === 'AdhocVariable') {
-    expect(v2.spec.datasource).toEqual(v1.datasource);
-    expect(v2.spec.filters).toEqual([]);
-    // @ts-expect-error
-    expect(v2.spec.baseFilters).toEqual(v1.baseFilters);
+  function validateAnnotation(v1: AnnotationQuery, v2: DashboardV2Spec['annotations'][0]) {
+    const { spec: v2Spec } = v2;
+
+    expect(v1.name).toBe(v2Spec.name);
+    expect(v1.datasource).toBe(v2Spec.datasource);
+    expect(v1.enable).toBe(v2Spec.enable);
+    expect(v1.hide).toBe(v2Spec.hide);
+    expect(v1.iconColor).toBe(v2Spec.iconColor);
+    expect(v1.builtIn).toBe(v2Spec.builtIn ? 1 : 0);
+    expect(v1.target).toBe(v2Spec.query?.spec);
+    expect(v1.filter).toEqual(v2Spec.filter);
   }
 
-  if (v2.kind === 'ConstantVariable') {
-    expect(v2.spec.query).toBe(v1.query);
+  function validatePanel(v1: Panel, v2: PanelKind, layoutV2: DashboardV2Spec['layout'], panelKey: string) {
+    const { spec: v2Spec } = v2;
+
+    expect(v1.id).toBe(v2Spec.id);
+    expect(v1.id).toBe(v2Spec.id);
+    expect(v1.type).toBe(v2Spec.vizConfig.kind);
+    expect(v1.title).toBe(v2Spec.title);
+    expect(v1.description).toBe(v2Spec.description);
+    expect(v1.fieldConfig).toEqual(transformMappingsToV1(v2Spec.vizConfig.spec.fieldConfig));
+    expect(v1.options).toBe(v2Spec.vizConfig.spec.options);
+    expect(v1.pluginVersion).toBe(v2Spec.vizConfig.spec.pluginVersion);
+    expect(v1.links).toEqual(v2Spec.links);
+    expect(v1.targets).toEqual(
+      v2Spec.data.spec.queries.map((q) => {
+        return {
+          refId: q.spec.refId,
+          hide: q.spec.hidden,
+          datasource: q.spec.datasource,
+          ...q.spec.query.spec,
+        };
+      })
+    );
+    expect(v1.transformations).toEqual(v2Spec.data.spec.transformations.map((t) => t.spec));
+    const layoutElement = layoutV2.spec.items.find(
+      (item) => item.kind === 'GridLayoutItem' && item.spec.element.name === panelKey
+    );
+    expect(v1.gridPos?.x).toEqual(layoutElement?.spec.x);
+    expect(v1.gridPos?.y).toEqual(layoutElement?.spec.y);
+    expect(v1.gridPos?.w).toEqual(layoutElement?.spec.width);
+    expect(v1.gridPos?.h).toEqual(layoutElement?.spec.height);
+
+    expect(v1.repeat).toEqual(layoutElement?.spec.repeat?.value);
+    expect(v1.repeatDirection).toEqual(layoutElement?.spec.repeat?.direction);
+    expect(v1.maxPerRow).toEqual(layoutElement?.spec.repeat?.maxPerRow);
+
+    expect(v1.cacheTimeout).toBe(v2Spec.data.spec.queryOptions.cacheTimeout);
+    expect(v1.maxDataPoints).toBe(v2Spec.data.spec.queryOptions.maxDataPoints);
+    expect(v1.interval).toBe(v2Spec.data.spec.queryOptions.interval);
+    expect(v1.hideTimeOverride).toBe(v2Spec.data.spec.queryOptions.hideTimeOverride);
+    expect(v1.queryCachingTTL).toBe(v2Spec.data.spec.queryOptions.queryCachingTTL);
+    expect(v1.timeFrom).toBe(v2Spec.data.spec.queryOptions.timeFrom);
+    expect(v1.timeShift).toBe(v2Spec.data.spec.queryOptions.timeShift);
+    expect(v1.transparent).toBe(v2Spec.transparent);
   }
 
-  if (v2.kind === 'IntervalVariable') {
-    expect(v2.spec.query).toBe(v1.query);
-    expect(v2.spec.options).toEqual(v1.options);
-    expect(v2.spec.current).toEqual(v1.current);
-    // @ts-expect-error
-    expect(v2.spec.auto).toBe(v1.auto);
-    // @ts-expect-error
-    expect(v2.spec.auto_min).toBe(v1.auto_min);
-    // @ts-expect-error
-    expect(v2.spec.auto_count).toBe(v1.auto_count);
-  }
-
-  if (v2.kind === 'TextVariable') {
-    expect(v2.spec.query).toBe(v1.query);
-    expect(v2.spec.current).toEqual(v1.current);
-  }
-
-  if (v2.kind === 'GroupByVariable') {
-    expect(v2.spec.datasource).toEqual(v1.datasource);
-    expect(v2.spec.options).toEqual(v1.options);
+  function validateVariablesV1ToV2(v2: VariableKind, v1: VariableModel | undefined) {
+    if (!v1) {
+      return expect(v1).toBeDefined();
+    }
+
+    const v1Common = {
+      name: v1.name,
+      label: v1.label,
+      description: v1.description,
+      hide: transformVariableHideToEnum(v1.hide),
+      skipUrlSync: v1.skipUrlSync,
+    };
+    const v2Common = {
+      name: v2.spec.name,
+      label: v2.spec.label,
+      description: v2.spec.description,
+      hide: v2.spec.hide,
+      skipUrlSync: v2.spec.skipUrlSync,
+    };
+
+    expect(v2Common).toEqual(v1Common);
+
+    if (v2.kind === 'QueryVariable') {
+      expect(v2.spec.datasource).toEqual(v1.datasource);
+
+      if (typeof v1.query === 'string') {
+        expect(v2.spec.query).toEqual(v1.query);
+      } else {
+        expect(v2.spec.query).toEqual({
+          kind: v1.datasource?.type,
+          spec: {
+            ...(typeof v1.query === 'object' ? v1.query : {}),
+          },
+        });
+      }
+    }
+
+    if (v2.kind === 'DatasourceVariable') {
+      expect(v2.spec.pluginId).toBe(v1.query);
+      expect(v2.spec.refresh).toBe(transformVariableRefreshToEnum(v1.refresh));
+    }
+
+    if (v2.kind === 'CustomVariable') {
+      expect(v2.spec.query).toBe(v1.query);
+      expect(v2.spec.options).toEqual(v1.options);
+    }
+
+    if (v2.kind === 'AdhocVariable') {
+      expect(v2.spec.datasource).toEqual(v1.datasource);
+      // @ts-expect-error
+      expect(v2.spec.filters).toEqual(v1.filters);
+      // @ts-expect-error
+      expect(v2.spec.baseFilters).toEqual(v1.baseFilters);
+    }
+
+    if (v2.kind === 'ConstantVariable') {
+      expect(v2.spec.query).toBe(v1.query);
+    }
+
+    if (v2.kind === 'IntervalVariable') {
+      expect(v2.spec.query).toBe(v1.query);
+      expect(v2.spec.options).toEqual(v1.options);
+      expect(v2.spec.current).toEqual(v1.current);
+      // @ts-expect-error
+      expect(v2.spec.auto).toBe(v1.auto);
+      // @ts-expect-error
+      expect(v2.spec.auto_min).toBe(v1.auto_min);
+      // @ts-expect-error
+      expect(v2.spec.auto_count).toBe(v1.auto_count);
+    }
+
+    if (v2.kind === 'TextVariable') {
+      expect(v2.spec.query).toBe(v1.query);
+      expect(v2.spec.current).toEqual(v1.current);
+    }
+
+    if (v2.kind === 'GroupByVariable') {
+      expect(v2.spec.datasource).toEqual(v1.datasource);
+      expect(v2.spec.options).toEqual(v1.options);
+    }
   }
-}
+});
diff --git a/public/app/features/dashboard/api/ResponseTransformers.ts b/public/app/features/dashboard/api/ResponseTransformers.ts
index 50fd9939fe9..071004812a5 100644
--- a/public/app/features/dashboard/api/ResponseTransformers.ts
+++ b/public/app/features/dashboard/api/ResponseTransformers.ts
@@ -1,6 +1,18 @@
 import { TypedVariableModel } from '@grafana/data';
 import { config } from '@grafana/runtime';
-import { AnnotationQuery, DataQuery, DataSourceRef, Panel } from '@grafana/schema';
+import {
+  AnnotationQuery,
+  DataQuery,
+  DataSourceRef,
+  Panel,
+  VariableModel,
+  VariableType,
+  FieldConfigSource as FieldConfigSourceV1,
+  FieldColorModeId as FieldColorModeIdV1,
+  ThresholdsMode as ThresholdsModeV1,
+  MappingType as MappingTypeV1,
+  SpecialValueMatch as SpecialValueMatchV1,
+} from '@grafana/schema';
 import {
   AnnotationQueryKind,
   DashboardV2Spec,
@@ -12,6 +24,10 @@ import {
   PanelQueryKind,
   QueryVariableKind,
   TransformationKind,
+  FieldColorModeId,
+  FieldConfigSource,
+  ThresholdsMode,
+  SpecialValueMatch,
   AdhocVariableKind,
   CustomVariableKind,
   ConstantVariableKind,
@@ -19,7 +35,7 @@ import {
   TextVariableKind,
   GroupByVariableKind,
 } from '@grafana/schema/dist/esm/schema/dashboard/v2alpha0';
-import { DataTransformerConfig } from '@grafana/schema/src/raw/dashboard/x/dashboard_types.gen';
+import { DashboardLink, DataTransformerConfig } from '@grafana/schema/src/raw/dashboard/x/dashboard_types.gen';
 import {
   AnnoKeyCreatedBy,
   AnnoKeyDashboardGnetId,
@@ -31,8 +47,14 @@ import {
   AnnoKeyUpdatedBy,
   AnnoKeyUpdatedTimestamp,
 } from 'app/features/apiserver/types';
+import { TypedVariableModelV2 } from 'app/features/dashboard-scene/serialization/transformSaveModelSchemaV2ToScene';
 import { getDefaultDataSourceRef } from 'app/features/dashboard-scene/serialization/transformSceneToSaveModelSchemaV2';
-import { transformCursorSyncV2ToV1 } from 'app/features/dashboard-scene/serialization/transformToV1TypesUtils';
+import {
+  transformCursorSyncV2ToV1,
+  transformSortVariableToEnumV1,
+  transformVariableHideToEnumV1,
+  transformVariableRefreshToEnumV1,
+} from 'app/features/dashboard-scene/serialization/transformToV1TypesUtils';
 import {
   transformCursorSynctoEnum,
   transformDataTopic,
@@ -179,6 +201,9 @@ export function ensureV1Response(
     };
   } else {
     // if dashboard is on v2 schema convert to v1 schema
+    const annotations = getAnnotationsV1(spec.annotations);
+    const variables = getVariablesV1(spec.variables);
+    const panels = getPanelsV1(spec.elements, spec.layout);
     return {
       meta: {
         created: dashboard.metadata.creationTimestamp,
@@ -224,9 +249,9 @@ export function ensureV1Response(
         weekStart: spec.timeSettings.weekStart,
         version: parseInt(dashboard.metadata.resourceVersion, 10),
         links: spec.links,
-        annotations: { list: [] }, // TODO
-        panels: [], // TODO
-        templating: { list: [] }, // TODO
+        annotations: { list: annotations },
+        panels,
+        templating: { list: variables },
       },
     };
   }
@@ -593,3 +618,372 @@ function getAnnotations(annotations: AnnotationQuery[]): DashboardV2Spec['annota
     return aq;
   });
 }
+
+function getVariablesV1(vars: DashboardV2Spec['variables']): VariableModel[] {
+  const variables: VariableModel[] = [];
+
+  for (const v of vars) {
+    const commonProperties = {
+      name: v.spec.name,
+      label: v.spec.label,
+      ...(v.spec.description && { description: v.spec.description }),
+      skipUrlSync: v.spec.skipUrlSync,
+      hide: transformVariableHideToEnumV1(v.spec.hide),
+      type: transformToV1VariableTypes(v),
+    };
+
+    switch (v.kind) {
+      case 'QueryVariable':
+        const qv: VariableModel = {
+          ...commonProperties,
+          current: v.spec.current,
+          options: v.spec.options,
+          query: typeof v.spec.query === 'string' ? v.spec.query : v.spec.query.spec,
+          datasource: v.spec.datasource,
+          sort: transformSortVariableToEnumV1(v.spec.sort),
+          refresh: transformVariableRefreshToEnumV1(v.spec.refresh),
+          regex: v.spec.regex,
+          allValue: v.spec.allValue,
+          includeAll: v.spec.includeAll,
+          multi: v.spec.multi,
+          // @ts-expect-error - definition is not part of v1 VariableModel
+          definition: v.spec.definition,
+        };
+        variables.push(qv);
+        break;
+      case 'DatasourceVariable':
+        const dv: VariableModel = {
+          ...commonProperties,
+          current: v.spec.current,
+          options: [],
+          regex: v.spec.regex,
+          refresh: transformVariableRefreshToEnumV1(v.spec.refresh),
+          query: v.spec.pluginId,
+          multi: v.spec.multi,
+          allValue: v.spec.allValue,
+          includeAll: v.spec.includeAll,
+        };
+        variables.push(dv);
+        break;
+      case 'CustomVariable':
+        const cv: VariableModel = {
+          ...commonProperties,
+          current: {
+            text: v.spec.current.value,
+            value: v.spec.current.value,
+          },
+          options: v.spec.options,
+          query: v.spec.query,
+          multi: v.spec.multi,
+          allValue: v.spec.allValue,
+          includeAll: v.spec.includeAll,
+        };
+        variables.push(cv);
+        break;
+      case 'ConstantVariable':
+        const constant: VariableModel = {
+          ...commonProperties,
+          current: {
+            text: v.spec.current.value,
+            value: v.spec.current.value,
+          },
+          hide: transformVariableHideToEnumV1(v.spec.hide),
+          // @ts-expect-error
+          query: v.spec.current.value,
+        };
+        variables.push(constant);
+        break;
+      case 'IntervalVariable':
+        const iv: VariableModel = {
+          ...commonProperties,
+          current: {
+            text: v.spec.current.value,
+            value: v.spec.current.value,
+          },
+          hide: transformVariableHideToEnumV1(v.spec.hide),
+          query: v.spec.query,
+          refresh: transformVariableRefreshToEnumV1(v.spec.refresh),
+          options: v.spec.options,
+          // @ts-expect-error
+          auto: v.spec.auto,
+          auto_min: v.spec.auto_min,
+          auto_count: v.spec.auto_count,
+        };
+        variables.push(iv);
+        break;
+      case 'TextVariable':
+        const current = {
+          text: v.spec.current.value,
+          value: v.spec.current.value,
+        };
+
+        const tv: VariableModel = {
+          ...commonProperties,
+          current: {
+            text: v.spec.current.value,
+            value: v.spec.current.value,
+          },
+          options: [{ ...current, selected: true }],
+          query: v.spec.query,
+        };
+        variables.push(tv);
+        break;
+      case 'GroupByVariable':
+        const gv: VariableModel = {
+          ...commonProperties,
+          datasource: v.spec.datasource,
+          current: v.spec.current,
+          options: v.spec.options,
+        };
+        variables.push(gv);
+        break;
+      case 'AdhocVariable':
+        const av: VariableModel = {
+          ...commonProperties,
+          datasource: v.spec.datasource,
+          // @ts-expect-error
+          baseFilters: v.spec.baseFilters,
+          filters: v.spec.filters,
+          defaultKeys: v.spec.defaultKeys,
+        };
+        variables.push(av);
+        break;
+      default:
+        // do not throw error, just log it
+        console.error(`Variable transformation not implemented: ${v}`);
+    }
+  }
+  return variables;
+}
+
+function getAnnotationsV1(annotations: DashboardV2Spec['annotations']): AnnotationQuery[] {
+  // @ts-expect-error - target v2 query is not compatible with v1 target
+  return annotations.map((a) => {
+    return {
+      name: a.spec.name,
+      datasource: a.spec.datasource,
+      enable: a.spec.enable,
+      hide: a.spec.hide,
+      iconColor: a.spec.iconColor,
+      builtIn: a.spec.builtIn ? 1 : 0,
+      target: a.spec.query?.spec,
+      filter: a.spec.filter,
+    };
+  });
+}
+
+interface LibraryPanelDTO extends Pick<Panel, 'libraryPanel' | 'id' | 'title' | 'gridPos'> {}
+
+function getPanelsV1(
+  panels: DashboardV2Spec['elements'],
+  layout: DashboardV2Spec['layout']
+): Array<Panel | LibraryPanelDTO> {
+  return Object.entries(panels).map(([key, p]) => {
+    const layoutElement = layout.spec.items.find(
+      (item) => item.kind === 'GridLayoutItem' && item.spec.element.name === key
+    );
+    const { x, y, width, height, repeat } = layoutElement?.spec || { x: 0, y: 0, width: 0, height: 0 };
+    const gridPos = { x, y, w: width, h: height };
+    if (p.kind === 'Panel') {
+      const panel = p.spec;
+      return {
+        id: panel.id,
+        type: panel.vizConfig.kind,
+        title: panel.title,
+        description: panel.description,
+        fieldConfig: transformMappingsToV1(panel.vizConfig.spec.fieldConfig),
+        options: panel.vizConfig.spec.options,
+        pluginVersion: panel.vizConfig.spec.pluginVersion,
+        links:
+          // @ts-expect-error - Panel link is wrongly typed as DashboardLink
+          panel.links?.map<DashboardLink>((l) => ({
+            title: l.title,
+            url: l.url,
+            ...(l.targetBlank && { targetBlank: l.targetBlank }),
+          })) || [],
+        targets: panel.data.spec.queries.map((q) => {
+          return {
+            refId: q.spec.refId,
+            hide: q.spec.hidden,
+            datasource: q.spec.datasource,
+            ...q.spec.query.spec,
+          };
+        }),
+        transformations: panel.data.spec.transformations.map((t) => t.spec),
+        gridPos,
+        cacheTimeout: panel.data.spec.queryOptions.cacheTimeout,
+        maxDataPoints: panel.data.spec.queryOptions.maxDataPoints,
+        interval: panel.data.spec.queryOptions.interval,
+        hideTimeOverride: panel.data.spec.queryOptions.hideTimeOverride,
+        queryCachingTTL: panel.data.spec.queryOptions.queryCachingTTL,
+        timeFrom: panel.data.spec.queryOptions.timeFrom,
+        timeShift: panel.data.spec.queryOptions.timeShift,
+        transparent: panel.transparent,
+        ...(repeat?.value && { repeat: repeat.value }),
+        ...(repeat?.direction && { repeatDirection: repeat.direction }),
+        ...(repeat?.maxPerRow && { maxPerRow: repeat.maxPerRow }),
+      };
+    } else if (p.kind === 'LibraryPanel') {
+      const panel = p.spec;
+      return {
+        id: 0, //TODO: LibraryPanelSpec.id will be available after https://github.com/grafana/grafana/pull/99281/ is merged
+        title: panel.name,
+        gridPos,
+        libraryPanel: {
+          uid: panel.uid,
+          name: panel.name,
+        },
+      };
+    } else {
+      throw new Error(`Unknown element kind: ${p}`);
+    }
+  });
+}
+
+export function transformMappingsToV1(fieldConfig: FieldConfigSource): FieldConfigSourceV1 {
+  const getThresholdsMode = (mode: ThresholdsMode): ThresholdsModeV1 => {
+    switch (mode) {
+      case 'absolute':
+        return ThresholdsModeV1.Absolute;
+      case 'percentage':
+        return ThresholdsModeV1.Percentage;
+      default:
+        return ThresholdsModeV1.Absolute;
+    }
+  };
+
+  const transformedDefaults: any = {
+    ...fieldConfig.defaults,
+  };
+
+  if (fieldConfig.defaults.mappings) {
+    transformedDefaults.mappings = fieldConfig.defaults.mappings.map((mapping) => {
+      switch (mapping.type) {
+        case 'value':
+          return {
+            ...mapping,
+            type: MappingTypeV1.ValueToText,
+          };
+        case 'range':
+          return {
+            ...mapping,
+            type: MappingTypeV1.RangeToText,
+          };
+        case 'regex':
+          return {
+            ...mapping,
+            type: MappingTypeV1.RegexToText,
+          };
+        case 'special':
+          return {
+            ...mapping,
+            options: {
+              ...mapping.options,
+              match: transformSpecialValueMatchToV1(mapping.options.match),
+            },
+            type: MappingTypeV1.SpecialValue,
+          };
+        default:
+          return mapping;
+      }
+    });
+  }
+
+  if (fieldConfig.defaults.thresholds) {
+    transformedDefaults.thresholds = {
+      ...fieldConfig.defaults.thresholds,
+      mode: getThresholdsMode(fieldConfig.defaults.thresholds.mode),
+    };
+  }
+
+  if (fieldConfig.defaults.color?.mode) {
+    transformedDefaults.color = {
+      ...fieldConfig.defaults.color,
+      mode: colorIdToEnumv1(fieldConfig.defaults.color.mode),
+    };
+  }
+
+  return {
+    ...fieldConfig,
+    defaults: transformedDefaults,
+  };
+}
+
+function colorIdToEnumv1(colorId: FieldColorModeId): FieldColorModeIdV1 {
+  switch (colorId) {
+    case 'thresholds':
+      return FieldColorModeIdV1.Thresholds;
+    case 'palette-classic':
+      return FieldColorModeIdV1.PaletteClassic;
+    case 'palette-classic-by-name':
+      return FieldColorModeIdV1.PaletteClassicByName;
+    case 'continuous-GrYlRd':
+      return FieldColorModeIdV1.ContinuousGrYlRd;
+    case 'continuous-RdYlGr':
+      return FieldColorModeIdV1.ContinuousRdYlGr;
+    case 'continuous-BlYlRd':
+      return FieldColorModeIdV1.ContinuousBlYlRd;
+    case 'continuous-YlRd':
+      return FieldColorModeIdV1.ContinuousYlRd;
+    case 'continuous-BlPu':
+      return FieldColorModeIdV1.ContinuousBlPu;
+    case 'continuous-YlBl':
+      return FieldColorModeIdV1.ContinuousYlBl;
+    case 'continuous-blues':
+      return FieldColorModeIdV1.ContinuousBlues;
+    case 'continuous-reds':
+      return FieldColorModeIdV1.ContinuousReds;
+    case 'continuous-greens':
+      return FieldColorModeIdV1.ContinuousGreens;
+    case 'continuous-purples':
+      return FieldColorModeIdV1.ContinuousPurples;
+    case 'fixed':
+      return FieldColorModeIdV1.Fixed;
+    case 'shades':
+      return FieldColorModeIdV1.Shades;
+    default:
+      return FieldColorModeIdV1.Thresholds;
+  }
+}
+
+function transformSpecialValueMatchToV1(match: SpecialValueMatch): SpecialValueMatchV1 {
+  switch (match) {
+    case 'true':
+      return SpecialValueMatchV1.True;
+    case 'false':
+      return SpecialValueMatchV1.False;
+    case 'null':
+      return SpecialValueMatchV1.Null;
+    case 'nan':
+      return SpecialValueMatchV1.NaN;
+    case 'null+nan':
+      return SpecialValueMatchV1.NullAndNan;
+    case 'empty':
+      return SpecialValueMatchV1.Empty;
+    default:
+      throw new Error(`Unknown match type: ${match}`);
+  }
+}
+
+function transformToV1VariableTypes(variable: TypedVariableModelV2): VariableType {
+  switch (variable.kind) {
+    case 'QueryVariable':
+      return 'query';
+    case 'DatasourceVariable':
+      return 'datasource';
+    case 'CustomVariable':
+      return 'custom';
+    case 'ConstantVariable':
+      return 'constant';
+    case 'IntervalVariable':
+      return 'interval';
+    case 'TextVariable':
+      return 'textbox';
+    case 'GroupByVariable':
+      return 'groupby';
+    case 'AdhocVariable':
+      return 'adhoc';
+    default:
+      throw new Error(`Unknown variable type: ${variable}`);
+  }
+}