Blockware Corporation Has Selected to Use the Revaluation Model for Its

question 89

Multiple Choice

Blockware Corporation has selected to use the revaluation model for its assets. Recently it had its building appraised. The appraiser placed a $5,000,000 value on the building. Back in 2017 this building was purchased for $4,000,000. This increase in value over cost requires a:

• A) debit to revaluation surplus
• B) debit to accumulated depreciation
• C) credit to revaluation surplus
• D) credit to the building account

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