Synergy Ltd. purchased an equipment on January 1, Year 1 for 200,000. The equipment has a four-year life, no residual value, and is depreciated on a straight line basis. On January 1, Year 2, the company conducted its first revaluation when the fair value was 240,000.

What was Year 2 depreciation expenses under IFRS and under U.S.GAAP, respectively?

Under IFRS: $50,000; Under U.S.GAAP: $50,000

B.

Under IFRS: $80,000; Under U.S.GAAP: $50,000.

C.

Under IFRS: $80,000; Under U.S.GAAP: $80,000.

D.

Under IFRS: $60,000; Under U.S.GAAP: $50,000.