Questions 7 Through 10 Are Based on the Following Information

question 11

Multiple Choice

Questions 7 through 10 are based on the following information:
Tongas Company applies revaluation accounting to plant assets with a carrying value of $1,600,000, a useful life of 4 years, and no salvage value. Depreciation is calculated on the straight-line basis. At the end of year 1, independent appraisers determine that the asset has a fair value of $1,500,000.
-The journal entry to adjust the plant assets to fair value and record revaluation surplus in year one will include a

• A) debit to Accumulated Depreciation for $100,000.
• B) credit to Depreciation Expense for $300,000.
• C) credit to Plant Assets for $300,000.
• D) credit to Revaluation Surplus for $300,000.

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Definitions:

Life Satisfaction

An individual's overall assessment of their life quality and happiness based on their own chosen criteria.

Anticipating Emotions

The process of predicting one's emotional reactions to future events or situations.

Affect-as-information Theory

The affect-as-information theory suggests that people use their current emotions as valuable information when making judgments and decisions, assuming these emotions provide cues about the environment.

Affect-as-information Theory

The theory suggesting that people use their current emotional states to make judgments and appraisals, even if they are unaware of those emotional influences.