Wilson Inc Wishes to Use the Revaluation Model for This

question 65

Multiple Choice

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

The fair value for the property is $140,000.Assuming this is the first year of using the revaluation model,which of the following amounts will be booked?

• A)$60,000 debit to profit and loss.
• B)$60,000 credit to profit and loss.
• C)$60,000 debit to OCI.
• D)$60,000 credit to OCI.

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Definitions:

Individual

pertains to a single human being as distinct from a group, class, or family.

Organization

A structured group of individuals working together towards shared goals or objectives, often formalized through roles and hierarchies.

Risk Taking

The action of engaging in activities that involve uncertainty or danger for potential gain.

Entrepreneurial Culture

An organizational culture that fosters innovation, risk-taking, and proactiveness in identifying and exploiting new business opportunities.