Smith Inc Wishes to Use the Revaluation Model for This

question 10

Multiple Choice

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

The fair value for the property is $150,000.Assuming this is the first year of using the revaluation model,what amount would be booked to profit and loss if Smith chooses to use the elimination method to record the revaluation?

• A)$0
• B)$60,000 debit.
• C)$60,000 credit.
• D)$90,000 credit.

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Definitions:

Community-Based

Pertaining to services or activities that are located within and designed to serve a particular local community.

Cash Prizes

Monetary awards given to contestants or participants in competitions, contests, or sweepstakes as a form of incentive or reward.

Campus Arrests

Detentions or apprehensions occurring on college or university grounds, typically by campus security or local law enforcement.

Drinking

The act of consuming liquids, often specifically referring to the consumption of alcoholic beverages.