The following inventory information was .17 taken from the records of a foreign corporation whose stock is listed on an .exchange in the U.S Historical cost Replacement cost Expected selling Price Expected selling cost Normal profit margin $15,000 $11,000 $13,500 $800 $2,500 How will income under the U.S. GAAP compare to income the company reported ?under IFRS after reconciliation (2 ) Income will not be affected by the .reconciliation Income under U.S. GAAP will be lower .by $1,700 O Income under U.S. GAAP will be lower .by $2,500 Income under U.S. GAAP will be equal .to income under IFRS