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:

Swerve

In game theory, a strategy that involves a sudden change in direction or decision, especially to avoid a negative outcome.

Chicken

a domesticated bird commonly raised for its meat and eggs; also can denote a game in which two players head towards each other, and the first to veer away is considered the loser.

Payoff

The return or gain received from an investment or decision, representing the benefits accruing to the involved parties.

Pure Strategy Equilibria

In game theory, a situation where each player chooses one strategy and no player can benefit by changing their strategy while the other players keep theirs unchanged.