Wallace Inc Wishes to Use the Revaluation Model for This

question 52

Multiple Choice

Wallace Inc wishes to use the revaluation model for this property:

The fair value for the property is $60,000.What amount would be booked to the "accumulated depreciation" account if Wallace chooses to use the proportional method to record the revaluation?

• A)$0
• B)$10,000 debit.
• C)$10,000 credit.
• D)$20,000 debit.

---

Definitions:

Auditing Tools

Software or methodologies used to inspect and analyze the accuracy, completeness, and compliance of financial accounts or data.

Compiler

A program that translates code written in a high-level programming language into machine code, executable directly by a computer's CPU.

Source Code

The fundamental set of instructions and statements written in a programming language that is compiled or interpreted to create executable software.

SDLC

Stands for Software Development Life Cycle, a process for planning, creating, testing, and deploying an information system.