Grover Inc Wishes to Use the Revaluation Model for This

question 61

Multiple Choice

Grover Inc wishes to use the revaluation model for this property: The fair value for the property is $100,000. Assuming this is the first year of using the revaluation model, what amount would be booked to the "other comprehensive income" account if Grover chooses to use the proportional method to record the revaluation?

• A)$0
• B)$10,000 debit
• C)$10,000 credit
• D)$20,000 credit

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Definitions:

European Courts

Judicial institutions operating within Europe, including both national courts of individual sovereign countries and transnational courts such as the European Court of Justice.

Promissory Estoppel

A legal principle that prevents a party from withdrawing a promise made to another, when the latter has reasonably relied on that promise to their detriment.

Consideration

A crucial element in contract law, referring to something of value promised to another when forming a contract.

Bilateral Contracts

Contracts involving two parties where each party makes a promise to the other.