6. KTA Enterprises - has the following information regarding inventory as of 12/31/2017 Historical cost $1,000,000 Replacement cost $950,000 Net realizable value $960,000 Normal profit margin on inventory sales 20%

Historical cost		$1,000,000
Replacement cost		$950,000
Net realizable value		$960,000
Normal profit margin on inventory sales		20%
What amount of inventory should be reported under U.S. GAAP as of 12/31/2017? What is the amount of inventory loss shown on the income statement under U.S. GAAP as of 12/31/2015? What amount of inventory should be reported under IFRS in 2015? What is the amount of inventory loss shown on the income statement under IFRS in 2015? As a result of inventory loss, what is the difference in income between reporting between U.S. GAAP and IFRS? As a result of inventory loss, what is the difference in reporting Stockholders' Equity between U.S. GAAP and IFRS?