On December 31, 2016, Albert Corporation owned a piece of equipment with a carrying amount of $400,000, which the firm wrote down to its $350,000 fair value. As of December 31, 2017, Albert determined the equipments fair value had risen to $420,000. Albert has no plans to dispose of the equipment. Given this information, which of the following statements is accurate? A : The equipment should reflect the new cost basis of $420,000. B : The carrying amount of the equipment should decrease by the depreciation expense taken in 2017. C : The equipment should reflect the new cost basis of $400,000. D : The equipment should reflect the new cost basis of $370,000.