Wilson Inc Wishes to Use the Revaluation Model for This

question 47

Multiple Choice

Wilson Inc wishes to use the revaluation model for this property: The fair value for the property is $40,000. Using straight-line depreciation and assuming that the property has a remaining depreciable life of 5 years, how much would be booked to accumulated depreciation in the year subsequent to the revaluation?

• A)$8,000 credit
• B)$8,000 debit
• C)$16,000 credit
• D)$16,000 debit

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Definitions:

External Adaptation

The process by which an organization or individual modifies itself or its strategies to cope with changes in its external environment.

Niche

describes a specialized segment of the market for a particular kind of product or service, where specific demand exists.

Organizational Culture

The set of shared values, beliefs, behaviors, and norms that influence how work gets done within an organization.

Shared Assumptions

Fundamental beliefs and understandings that are implicitly agreed upon by members of an organization or group, guiding their behavior and decision-making.