Required: Indicate the differences in accounting treatment under IFRS and under US GAAP for the following situations as of December 31, 2022:

2. Property, plant, and equipment The company acquired a building at the beginning of 2021 with the following information:

-Cost of $2,750,000 -Estimated useful life of 25 years

-The estimated residual value of $250,000

-It is depreciated using the straight-line method.

At the beginning of 2022, the market value of the building was $3,250,000. There is no change in residual value or estimated useful life.