QUESTION 3: ASSET REVALUATION: PPE (10 points) Using IFRS: ARL Inc. is revaluing an Equipment with a carrying value of $715,000 to its fair value of $673,000. The original costs of the equipment were $1,000,000. The equipment has 10 years useful life and a residual value of $50,000. ARL uses straight line depreciation method. Suppose that ABC revalued the equipment under IAS 16, the depreciation expense amount for the following years (after Revaluation) will. 1. Increased by $ Decreased by $ It remains the same \$ (Select only one) (5 points). 2. Determine the amount. ( 5 points) Explanation and calculations