2. The following inventory information was taken from the records of a foreign corporation whose stock is listed on an exchange in the U.S. Historical cost $15,000 Replacement cost $11,000 Expected selling price $13,500 Expected selling cost $ 800 Normal profit margin $ 2,500 Required: a) Under IAS 2, what should the Balance Sheet report for Inventory? Record any journal entry if needed. b) Under US GAAP, what should the Balance Sheet report for Inventory? Record any journal entry if needed. c) Assume that subsequent to your adjustment the expected selling price increases to $14,000. (All the rest of the facts are the same.) What adjustment to inventory should be made under IAS 2 after this event? Also what adjustment to inventory should be made under US GAAP