Wallace Inc Wishes to Use the Revaluation Model for This

question 116

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. Assuming this is the first year of using the revaluation model, what amount would be booked to profit and loss if Wallace chooses to use the elimination method to record the revaluation?

• A)$20,000 debit.
• B)$20,000 credit.
• C)$70,000 debit.
• D)$80,000 credit.

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Definitions:

Patient Age

A clinical parameter indicating the chronological age of a patient, often critical in diagnosis and treatment planning.

Psychological Disorders

Mental health conditions characterized by changes in emotion, thinking, or behavior (or a combination of these), which cause distress or difficulty in functioning.

Depression

A common and serious mood disorder marked by persistent feelings of sadness, emptiness, or hopelessness, along with physical symptoms that interfere with daily functioning.

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