Lisali Company gathered the following information related to inventory that it owned on December 31, 2015:...

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Lisali Company gathered the following information related to inventory that it owned on December 31, 2015: $ 114,000 104,350 110,400 20% Historical cost Replacement cost Net realizable value Normal profit margin a. Determine the amount at which Lisali should carry inventory on the December 31, 2015, balance sheet and the amount, if any, that should be reported in net income related to this inventory using (1) U.S. GAAP and (2) IFRS. U.S. GAAP IFRS Inventory on December 31, 2015, balance sheet Amount reported in net income (loss) b. Determine the adjustments that Lisali would make in 2015 to reconcile net income and stockholders equity under U.S. GAAP to IFRS. (If there is no reconciliation adjustment select "No adjustment is required to".) 2015 Adjustments U.S. GAAP Net income U.S. GAAP Stockholders' equity Lisali Company gathered the following information related to inventory that it owned on December 31, 2015: $ 114,000 104,350 110,400 20% Historical cost Replacement cost Net realizable value Normal profit margin a. Determine the amount at which Lisali should carry inventory on the December 31, 2015, balance sheet and the amount, if any, that should be reported in net income related to this inventory using (1) U.S. GAAP and (2) IFRS. U.S. GAAP IFRS Inventory on December 31, 2015, balance sheet Amount reported in net income (loss) b. Determine the adjustments that Lisali would make in 2015 to reconcile net income and stockholders equity under U.S. GAAP to IFRS. (If there is no reconciliation adjustment select "No adjustment is required to".) 2015 Adjustments U.S. GAAP Net income U.S. GAAP Stockholders' equity