The company has an equipment with carrying value of $70,000 (Cost $100,000 and

accumulated depreciation $30,000 - the yearly depreciation is $5,000), the fair value of

$95,000 and the costs to sell of $5,000 at the end of 20X5. The estimated useful life of the

equipment remains unchanged. In 20X6, there is no indicator to show that the equipment has

been impaired. How would you report this asset in the financial statements of 20X5 and 20X6

under the following scenarios?

1. If the equipment is accounted as under historical cost model?

2. If the equipment is accounted as under revaluation model?