Assume the following. Queensland Company purchased a parcel of land on January 1, Year 1, for $640,000. It constructed a building on the land at a cost of $3,400,000. The building was occupied on January 1, Year 4, and is expected to have a useful life of 40 years and an estimated salvage value of $995,000. As of December 31, Year 5, and Year 6, the fair value of the land had not been formally revalued because the real estate market had not changed significantly. Due to a jump in real estate prices, during Year 7 the value of the land had increased to $715,000, and the $3,400,000. The salvage value of the building is still estimated at $995,000. The land and the building were reevaluated by the company in Year 7. Required: a. Under U.S. accounting rules, what amount would be reported on the company's Year 6 and Year 7 balance sheets for the land and for the building? b. Under U.S. accounting rules, what amount of depreciation expense would be reported in Year 7 for the building? c. Under the IFRS revaluation model, what amount would be reported on the company's Year 6 and Year 7 balance sheets for the land and for the building? d. Under the IFRS revaluation model, what amount of depreciation expense would be reported in Year 7 for the building? Complete this question by entering your answers in the tabs below. Reg A and B Reg C and D Under U.S. accounting rules, what amount would be reported on the company's Year 6 and Year 7 balance sheets for the land and for the building? Under U.S. accounting rules, what amount of depreciation expense would be reported in Year 7 for the building? Year 8 Year 7 Land Book value of building b. Depreciation expense Assume the following. Queensland Company purchased a parcel of land on January 1, Year 1, for $640,000. It constructed a building on the land at a cost of $3,400,000. The building was occupied on January 1, Year 4, and is expected to have a useful life of 40 years and an estimated salvage value of $995,000 As of December 31, Year 5, and Year 6, the fair value of the land had not been formally revalued because the real estate market had not changed significantly. Due to a jump in real estate prices, during Year 7 the value of the land had increased to $715,000, and the fair value of the building was $3,400,000. The salvage value of the building is still estimated at $995,000. The land and the building were reevaluated by the company in Year 7 Required: a. Under U.S. accounting rules, what amount would be reported on the company's Year 6 and Year 7 balance sheets for the land and for the building? b. Under U.S. accounting rules, what amount of depreciation expense would be reported in Year 7 for the building? c. Under the IFRS revaluation model, what amount would be reported on the company's Year 6 and Year 7 balance sheets for the land and for the building? d. Under the IFRS revaluation model, what amount of depreciation expense would be reported in Year 7 for the building? Complete this question by entering your answers in the tabs below. Reg A and B ReqC and D Under the IFRS revaluation model, what amount would be reported on the company's Year 6 and Year 7 balance sheets for the land and for the building? (Round your intermediate calculations and final answers to the nearest whole dollar amount.) Under the IFRS revaluation model, what amount of depreciation expense would be reported in Year 7 for the building? (Round your intermediate calculations and final answer to the nearest whole dollar amount.) Show less Years Your Ic Land Book value of building Depreciation expense