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Wallace Inc Wishes to Use the Revaluation Model for This

question 64

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Wallace Inc wishes to use the revaluation model for this property:
Wallace Inc wishes to use the revaluation model for this property:   The fair value for the property is $60,000.Using straight-line depreciation and assuming that the property has a remaining depreciable life of 5 years,how much would be booked to accumulated depreciation in the year subsequent to the revaluation? A) $12,000 debit. B) $12,000 credit. C) $16,000 credit. D) $16,000 debit.
The fair value for the property is $60,000.Using straight-line depreciation and assuming that the property has a remaining depreciable life of 5 years,how much would be booked to accumulated depreciation in the year subsequent to the revaluation?


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