Wallace Inc Wishes to Use the Revaluation Model for This

question 95

Multiple Choice

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

The fair value for the property is $60,000.Assuming this is the first year of using the revaluation model,what amount would be booked to the "other comprehensive income" 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.

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Definitions:

Wetlands

Areas where water covers the soil, or is present either at or near the surface of the soil all year or for varying periods of time during the year, including swamps, marshes, and bogs.

Community Right-to-Know Act

U.S. federal law that requires industries to report storage, use, and releases of hazardous substances to inform community safety and health.

Chemical Hazards

Pertains to any chemical substance that can cause harm to individuals or the environment when improperly managed, stored, or used.

Biotechnology

The development of techniques to genetically manipulate organisms.