Wilson Inc Wishes to Use the Revaluation Model for This

question 62

Multiple Choice

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

The fair value for the property is $140,000.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)$16,000 debit.
• B)$16,000 credit.
• C)$28,000 credit.
• D)$28,000 debit.

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Definitions:

Australia

A country and continent surrounded by the Indian and Pacific oceans, known for its unique wildlife, landscapes, and major cities like Sydney and Melbourne.

Isolated

To be set apart or separated from others, often referring to geographical, social, or molecular contexts.

Homologous Structures

Anatomical features in different organisms that, despite potential differences in function, indicate common ancestry.

Common Ancestry

The concept that different species share a common ancestor, a fundamental principle in evolutionary biology.