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IAS 16, Property. Plant, and Equipment requires assets to be initially measured at cost. Subsequently, assets may be carried at cost less accumulated depreciation, or they can be periodically revalued upward to current value and carried at the revalued amount tess accumulated depreciation. If revalued, the adjustment is reported in other comprehensive income. Subsequent depreciation is based on the revalued amount ASPE does not allow assets to be revalued at an amount exceeding historical cost less accumulated depreciation ABC Ltd., a private company, can report in accordance with either ASPE or IFRS On January 1, Year it acquired an asset at a cost of $110 million, which will be amortized on a straight-line basis over an estimated useful life of 22 years. On January 1, Year 3, the company hired an appraiser, who determined the fair value of the asset (net of accumulated depreciation) to be $12.2 million The estimated useful life of the asset did not change. (Leave no cells blank - be certain to enter "o" wherever required. Enter your answers in dollars and not in millions of dollars. Answers must be numerical. Round your intermediate computations and final answers to nearest whole dollar value.) Required: (e) Determine the depreciation expense recognized in Year 2. Year 3 and Year 4 under (i) the revaluation treatment allowed under IAS 16. and AS 16 Year: 2 Year Year 4 5 $ $ 2 Year 4 (ii) ASPE Year 2 Year Year 4 ASPE $ $ $ (b) Determine the carrying amount of the asset under the two different sets of accounting requirements at January 2 Year 3; December 31, Year 3. and December 31 Year 4 Jan 2/YR 5 $ Dec 31/3 5 LAS 16 ASPE Dec31/ 5 (c) Determine the differences in profit and shareholders' equity over the 22-year life of the asset using the two different sets of accounting requirements. Assume that future appraisals indicated that the fair value of the asset was equal to carrying amount. Difference in profit Difference in shareholders' equity