Wilson Inc Wishes to Use the Revaluation Model for This

question 84

Multiple Choice

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

The fair value for the property is $40,000.Assuming this is the first year of using the revaluation model,which of the following amounts will be booked?

• A)$40,000 debit to profit and loss.
• B)$40,000 credit to profit and loss.
• C)$40,000 debit to OCI.
• D)$40,000 credit to OCI.

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Definitions:

Trial Court

The first level of court in the judicial system, where cases are tried, evidence is presented, and judgments are made.

Semiconductors

Materials with electrical conductivity between that of a conductor and an insulator, used in the manufacture of electronic devices.

Foreign Country

A nation-state or territory that is recognized as independent and distinct from one's own country, governed by its own political and legal systems.

Mechanical Engineer

A professional engineer who designs, analyzes, and maintains mechanical systems.