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Question - On January 2, 2016, SaulGroup purchased equipment at a cost of $5 million. The equipment has a five-year life, no residual value, and is depreciated on a straightline basis.
On January 2, 2018, the fair value of the equipment (net of any accumulated depreciation) is determined as $6 million.
1. If the revaluation model is applied for measurement subsequent to initial recognition under IFRS, what is the impact the equipment has on SaulGroup's income in Years 2016 - 2020 using (1) IFRS and (2) U.S. GAAP?
2. How would you explain the difference in income, total assets, and total stockholders' equity using IFRS and U.S. GAAP over the period of Years 2016 to 2020?
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