Wilson Inc Wishes to Use the Revaluation Model for This

question 46

Multiple Choice

Wilson Inc wishes to use the revaluation model for this property: The fair value for the property is $40,000. Assuming this is the first year of using the revaluation model, which of the following amounts will be booked?

• A)$40,000 debit to profit and loss
• B)$40,000 credit to profit and loss
• C)$40,000 debit to OCI
• D)$40,000 credit to OCI

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