Wallace Inc Wishes to Use the Revaluation Model for This

question 41

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 elimination method to record the revaluation?

• A)$20,000 debit.
• B)$70,000 credit.
• C)$70,000 debit.
• D)$60,000 credit.

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Definitions:

Lever Press

A method used in experimental psychology to measure an animal's behavior, particularly in operant conditioning, by recording the frequency of lever pressing by the subject.

Behaviorism

A theory in psychology that emphasizes the study of observable behaviors over internal phenomena such as thoughts and feelings.

Classical Conditioning

A learning process in which an innate response to a potent stimulus becomes triggered by a previously neutral stimulus after repeated association.

Operant Conditioning

A learning method that occurs through rewards and punishments for behavior, encouraging the occurrence of desired behaviors.