Based on the following information, what is the net amount that this equipment should be reported at on BAC's balance sheet at December 31, 2021? Assume the company follows IFRS and uses the cost model for this equipment. Cost Accumulated depreciation Value in use Fair value Disposal costs $500,000 300,000 220,000 240,000 10,000 O a $200,000 O b. $220,000 O c. $230,000 O d. $240,000 How is income and expense recognized for biological assets under IFRS? O a. Changes in fair value. O b. Percentage of completion method. O c. Historical cost. O d. Cash basis. Which of the following is correct with respect to the "fair value model"? O a. Depreciation is required annually. O b. Depreciation is optional. O c. Depreciation is not required. O d. Depreciation is required annually when there has been a decline in fair value