INITIAL RECOGNITION using IFRS Assume that Kiely Company Inc. has buildings that cost $ 1,000,000, with accumulated depreciation of $ 600,000 and a carrying amount of $ 400,000 on December 31, Year 1. On that date, Kiely Company determines that the market value for these buildings is $750,000. Restate the buildings value to December 31, Year 1, using the two alternatives methods allowed by IAS 16 with respect to property, plant, and equipment subsequent to initial recognition. Please show all work in details, thank you.