Using IFRS: ARL Inc. is revaluing an Equipment with a carrying value of $715,000 to its fair value of $673,000. The original costs of the equipment were $1,000,000. The equipment has 10 years useful life and a residual value of $50,000. ARL uses straight line depreciation method.

Suppose that ABC revalued the equipment under IAS 16, the depreciation expense amount for the following years (after Revaluation) will.

1. Increased by $_____, Decreased by $_____, It remains the same $______

Explanation