Use the Following Information to Solve the Following Questions

question 87

Multiple Choice

Use the following information to solve the following questions:
Tunisia Inc. owns assets to which it applies the revaluation model (asset-adjustment method) . The following additional information is available:
1. Accumulated Depreciation at December 31, 2021, (prior to any fair value adjustments) was $ 12,000.
2. Between December 31, 2020, and December 31, 2021, the property's fair value had increased by $ 30,000.
3. The December 31, 2021, balance in the revaluation surplus account (prior to any fair value adjustments) was $ 2,000.
-The adjusted December 31, 2021, balance in the related contra-asset account will be

• A) $ 0.
• B) $ 10,000.
• C) $ 12,000.
• D) $ 14,000.

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Definitions:

Validation Rules

Criteria or checks set in data input fields to ensure that the data entered follows certain standards or requirements.

Data Entry

The process of inputting data or information into a computer system or database for storage or processing.

Property Box

A dialog box in software applications where users can view and change the properties of a selected object or item.

Archive Table

A database table designated for storing historical data or backups that are not actively used in day-to-day operations.