In desperate need of help for this problem Bracy Company acquired a new piece of construction equipment on January 1, 2015, at a cost of $78,400 The equipment was expected to have a useful life of 6 years and a residual value of $10,000 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 $74,500, a salvage value of $10,000, and a remaining useful life of five 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 2015 2016 2017 IFRS U S GAAP Difference $ $ $ Book Value of equipment 12 31 2015 12 31 2016 12 31 2017 IFRS U S GAAP Difference $ $ $ 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 ) 2016 Adjustments Amount deducted from U S GAAP Net Income $ Amount Added to U S GAAP Stockholders equity $ 2017 Adjustments Amount deducted from U S GAAP Net Income $ Amount Added to U S GAAP Stockholders equity $ Help please Bracy Company acquired a new piece of construction equipment on January 1, 2015, at a cost of $78,400 The equipment was expected to have a useful life of 6 years and a residual value of $10,000 and is being depreciated on a straightline basis On January 1, 2016, the equipment was appraised and determined to have a fair value of $74,500, a salvage value of $10,000, and a remaining useful life of five 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 2015 IFRS U S GAAP Difference $ Depreciation Expense 2016 $ 2017 $ Book Value of equipment 12 31 2015 12 31 2016 IFRS U S GAAP Difference 12 31 2017 $ $ $ 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 ) Amount deducted from Amount Added to 2016 Adjustments U S GAAP Net Income U S GAAP Stockholders equity $ $ Amount deducted from Amount Added to 2017 Adjustments U S GAAP Net Income U S GAAP Stockholders equity $ $ Help please

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In desperate need of help for this problem Bracy Company acquired a new piece of construction equipment on January 1, 2015, at a cost of

In desperate need of help for this problem

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
	2015	2016	2017
IFRS
U.S. GAAP
Difference	$	$	$

Book Value of equipment
	12/31/2015	12/31/2016	12/31/2017
IFRS
U.S. GAAP
Difference	$	$	$

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.)

2016 Adjustments
Amount deducted from	U.S. GAAP Net Income	$
Amount Added to	U.S. GAAP Stockholders equity	$

2017 Adjustments
Amount deducted from	U.S. GAAP Net Income	$
Amount Added to	U.S. GAAP Stockholders equity	$

Help please

Bracy Company acquired a new piece of construction equipment on January 1, 2015, at a cost of $78,400. The equipment was expected to have a useful life of 6 years and a residual value of $10,000 and is being depreciated on a straightline basis. On January 1, 2016, the equipment was appraised and determined to have a fair value of $74,500, a salvage value of $10,000, and a remaining useful life of five 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. 2015 IFRS U.S. GAAP Difference $ Depreciation Expense 2016 $ 2017 $ Book Value of equipment 12/31/2015 12/31/2016 IFRS U.S. GAAP Difference 12/31/2017 $ $ $ 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.) Amount deducted from Amount Added to 2016 Adjustments U.S. GAAP Net Income U.S. GAAP Stockholders equity $ $ Amount deducted from Amount Added to 2017 Adjustments U.S. GAAP Net Income U.S. GAAP Stockholders equity $ $ Help please