Wilson Inc Wishes to Use the Revaluation Model for This

question 112

Multiple Choice

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

The fair value for the property is $20,000.Assuming this is the first year of using the revaluation model,what amount would be booked to the "other comprehensive income" account if Wilson chooses to use the proportional method to record the revaluation?

• A)$0
• B)$30,000 debit.
• C)$30,000 credit.
• D)$60,000 debit.

---

Definitions:

Remote Events

Occurrences or happenings that take place at a significant distance or time from the present.

Eyewitness Testimony

Testimony provided by individuals who witness a specific event or crime, relying on their memory to report what they observed.

Familiarity

The quality of being well known or easily recognized based on previous exposure or experience.

Recollection

The act of remembering past experiences or information with conscious effort, involving the retrieval of details from memory.