Wilson Inc Wishes to Use the Revaluation Model for This

question 37

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 depreciation expense would be recorded 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:

Carbon Dioxide Emissions

The release of CO2 gas into the atmosphere, primarily from burning fossil fuels, contributing to global warming and climate change.

Patent

A legal document granted by a government agency that gives an inventor exclusive rights to use, make, and sell an invention for a certain period of time.

Property Right

A legal right or interest in a property that allows the holder to use, modify, or transfer the property within the bounds of the law.

Federal Government

refers to the national government of a country, which is responsible for governing the country as a whole, as opposed to state, provincial, or local governments.