Bracy Company acquired a new piece of construction equipment on January 1, 2015, at a cost of $131,100. The equipment was expected to have a useful life of 12 years and a residual value of $13,500 and is being depreciated on a straight-line basis. On January 1, 2016, the equipment was appraised and determined to have a fair value of $138,460, a salvage value of $13,500, and a remaining useful life of eleven years. a. Determine the amount of depreciation expense that Bracy should recognize in determining net income in 2015, 2016, and 2017 and the amount at which equipment should be carried on the December 31, 2015, 2016, and 2017 balance sheets using (1) U.S. GAAP and (2) IFRS. In measuring property, plant, and equipment subsequent to acquisition, Bracy uses the revaluation model in IAS 16. Depreciation expense 2016 2011 2017 IFRS U.S. GAAP Difference Book value of equipment 12/31/16 12/31/15 12/31/17 IFRS U.S. GAAP Difference 0 b. Determine the adjustments that Bracy would make in 2015, 2016, and 2017 to reconcile net income and stockholders' equity under U.S. GAAP to IFRS. (If there is no reconciliation adjustment select "No adjustment is required to". Input all values as positive numbers.)