Parnell Company acquired construction equipment on January 1, 2020, at a cost of $70,500. The equipment was expected to have a useful life of five years and a residual value of $15,000 and is being depreciated on a straight-line basis. On January 1, 2021, the equipment was appraised and determined to have a fair value of $65,500, a salvage value of $15,000, and a remaining useful life of four years. In measuring property, plant, and equipment subsequent to acquisition under IFRS, Parnell would opt to use the revaluation model in IAS 16. Assume that Parnell Company is a U.S.-based company that is issuing securities to foreign investors who require financial statements prepared in accordance with IFRS