Synthetic Fuels Corporation prepares its financial statements according to IFRS. On June 30, 2016, the company purchased equipment for $406,000. The equipment is expected to have a seven-year useful life with no residual value. Synthetic uses the straight-line depreciation method for all depreciable assets. On December 31, 2016, the end of the companys fiscal year, Synthetic chooses to revalue the equipment to its fair value of $346,840.