Wallace Inc Wishes to Use the Revaluation Model for This

question 119

Multiple Choice

Wallace Inc wishes to use the revaluation model for this property: The fair value for the property is $60,000. Assuming this is the first year of using the revaluation model, what amount would be booked to profit and loss if Wallace chooses to use the elimination method to record the revaluation?

• A)$20,000 debit
• B)$20,000 credit
• C)$70,000 debit
• D)$80,000 credit

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Definitions:

Multiracial

An individual or group comprising members from two or more racial backgrounds.

Fluid

Characterizes materials or substances that can flow and do not have a fixed shape, or more broadly, refers to situations or concepts that are flexible and adaptable.

Colorblind Racism

A form of racism that asserts race does not matter and ignores systemic and historical inequities based on race.

Perpetuates

The act of making something continue indefinitely, often referring to social norms, inequalities, or behaviors.