Wallace Inc Wishes to Use the Revaluation Model for This

question 65

Multiple Choice

Wallace Inc wishes to use the revaluation model for this property: $$\begin{array} { | l | r | } \hline & \text { Before Revaluation } \\\hline \text { Building Gross Value } & 150,000 \\\hline \text { Building Accumulated Depreciation } & 70,000 \\\hline \text { Net carrying value } & 80,000 \\\hline\end{array}$$ The fair value for the property is $60,000. What amount would be booked to the "accumulated depreciation" account if Wallace chooses to use the elimination method to record the revaluation?

• A)$20,000 debit.
• B)$70,000 credit.
• C)$70,000 debit.
• D)$60,000 credit.

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