Jefferson Company acquired equipment on January $2,$ Year $1,$ at a cost of $$10$ million. The equipment has a five$-$year life, no residual value, and is depreciated on a straight $-$line basis. On January $2,$ Year $3,$ Jefferson Company determines the fair value of the asset $($net of any accumulated depreciation$)$ to be $$12$ million. Required: a$.$ Determine the impact the equipment has on Jefferson Company's income in Years $1-5$ using $(1)$ IFRS, assuming that the revaluation model is used for measurement subsequent to initial recognition, and $(2)$ U$.$S$.$ GAAP. b$.$ Summarize the difference in income, total assets, and total stockholders' equity using the two different sets of accounting rules over the period of Years $1-5.$