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:

Project Manager

A professional responsible for planning, executing, and closing projects, as well as managing the team and resources.

Project Quality Manager

A professional responsible for overseeing the quality aspects of a project, ensuring that it meets all predefined standards and requirements.

Work Processes

The systematic series of actions, steps, or procedures taken to achieve a specific outcome or product in a professional environment.

Punch List

A document listing work that does not conform to contract specifications, requiring completion or correction before a project is officially finished.