Wilson Inc Wishes to Use the Revaluation Model for This

question 65

Multiple Choice

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

The fair value for the property is $140,000.Assuming this is the first year of using the revaluation model,which of the following amounts will be booked?

• A)$60,000 debit to profit and loss.
• B)$60,000 credit to profit and loss.
• C)$60,000 debit to OCI.
• D)$60,000 credit to OCI.