Use the Following Information to Solve the Following Questions

question 56

Multiple Choice

Use the following information to solve the following questions:
Egypt Corp. owns equipment that originally cost $ 100,000. At December 31, 2020, the equipment's book value (after 2020 depreciation was booked) is $ 60,000. It is determined that the fair value of the equipment at this date is $ 90,000. Although Egypt's policy is to apply the revaluation model using the proportionate method, this is the first time the company has done it.
-The adjusting entry to record the revaluation will include a

• A) debit to Accumulated Depreciation of $ 20,000.
• B) credit to Equipment of $ 10,000.
• C) credit to Revaluation Surplus (OCI) of $ 30,000.
• D) debit to Revaluation Surplus (OCI) of $ 10,000.

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Definitions:

Selecting Photographs

The process of choosing images for a particular purpose, ensuring they meet the criteria for the intended use.

Concerns and Issues

Matters that require attention or action due to their potential impact on a subject or situation.

Photographs

Visual records captured with a camera, used in research for documentation, analysis, or to provide evidence of phenomena.

Leadership Structures

The organization and hierarchy of roles within a group or institution that guide decision-making, policy, and direction.