QUESTION 16 Tongas Company applies revaluation accounting to plant assets with a carrying value of $1,600,000, a useful life of 4 years, and no salvage value. Depreciation is calculated on the straight-line basis. At the end of year 1, independent appraisers determine that the asset has a fair value of $1,500,000 The journal entry to adjust the plant assets to fair value in year one will include a debit to Accumulated Depreciation for $100,000 credit to Depreciation Expense for $300,000 credit to Plant Assets for $300,000 credit to Unrealized Gain on Revaluation for $300,000. QUESTION 17 Assume that Darcy Industries had the following inventory values: Inventory cost (on December 31, 2020) = $500 Inventory market (on December 31, 2020) = $450 Inventory net realizable value (on December 31, 2020) = $440 Inventory market (on June 30, 2021) = $520 Inventory net realizable value on June 30, 2021) - $525 Under IFRS, what is the inventory carrying value on December 31, 2020? $500 $450 $440 $525