Wilson Inc Wishes to Use the Revaluation Model for This

question 117

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

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Definitions:

Identification

The process of recognizing or establishing as being a particular person or thing; verification of the identity of a person or thing.

Self-Serving Bias

Self-serving bias is the tendency to attribute positive events to one's own character but attribute negative events to external factors, often serving to maintain one's self-esteem.

Independence

The state or quality of being self-reliant and not subject to external control or support.

Big Five Personality Factors

A model describing human personality through five broad dimensions: openness, conscientiousness, extraversion, agreeableness, and neuroticism.