Wilson Inc Wishes to Use the Revaluation Model for This

question 110

Multiple Choice

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

The fair value for the property is $40,000.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)$8,000 credit.
• B)$8,000 debit.
• C)$16,000 credit.
• D)$16,000 debit.

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Definitions:

Pharmacist

A person licensed to prepare and dispense drugs and prescriptions.

Disclosure

The provision of information needed for the parties to make an informed decision.

Voluntariness

The client’s right to come to a decision without force, coercion, or manipulation from others.

Consent

Giving permission for something to happen or agreeing to do something, often used in medical contexts to refer to patients agreeing to receive treatment.