The following inventory information was taken from the records of a foreign corporation whose. 16 stock is listed on an exchange in the US Historical cost $15,000 Replacement cost $11,000 Expected selling Price $13,500 Expected selling cost $800 Normal profit margin $2,500 How will income under the U.S. GAAP compare to income the company reported under IFRS after * Preconciliation ( 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 O (2 ) Income under U.S. GAAP will be equal to income under IFRSO