Wilson Inc Wishes to Use the Revaluation Model for This

question 119

Multiple Choice

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

The fair value for the property is $140,000.What amount would be booked to the "accumulated depreciation" account if Wilson chooses to use the elimination method to record the revaluation?

• A)$40,000 debit.
• B)$40,000 credit.
• C)$60,000 debit.
• D)$140,000 credit.

---

Definitions:

Firm

A business organization, such as a company or partnership, engaged in commercial, industrial, or professional activities.

Positive Abstractions

Conceptual ideals or values that are perceived as beneficial or constructive to individuals or society.

Ethical Ideations

The process of forming and contemplating ideas, principles, or standards of right conduct.

Desirable

An attribute or quality that makes something preferred or pleasing to individuals or groups.