Grover Inc Wishes to Use the Revaluation Model for This

question 48

Multiple Choice

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

The fair value for the property is $100,000.Assuming this is the first year of using the revaluation model,what amount would be booked to the "other comprehensive income" account if Grover chooses to use the proportional method to record the revaluation?

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

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Definitions:

Attention

The brain's method of zeroing in on a certain feature of the surroundings and neglecting other information.

Cognitive Revolution

A period in the 20th century that marked a significant change in the way psychologists understood and studied the mind, emphasizing internal mental processes.

Mental Processes

Internal cognitive operations that include thinking, reasoning, problem-solving, and remembering that enable individuals to understand and interact with the world.

1960s

A decade characterized by significant social, political, and cultural changes worldwide.