Wilson Inc Wishes to Use the Revaluation Model for This

question 47

Multiple Choice

Wilson Inc wishes to use the revaluation model for this property: $$\begin{array} { | l | r | } \hline & \text { Before Revaluation } \\\hline \text { Building Gross Value } & 120,000 \\\hline \text { Building Accumulated Depreciation } & 40,000 \\\hline \text { Net carrying value } & 80,000 \\\hline\end{array}$$ The fair value for the property is $140,000. Using straight-line depreciation and assuming that the property has a remaining depreciable life of 5 years, how much depreciation expense would be recorded in the year subsequent to the revaluation?

• A)$16,000 debit.
• B)$16,000 credit.
• C)$28,000 credit.
• D)$28,000 debit.

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Definitions:

Rest And Digest

Describes the activity of the parasympathetic nervous system, promoting a state of calm and supporting digestive and recuperative processes.

Memory

The faculty by which the mind stores and remembers information.

Cingulate Gyrus

A part of the brain situated in the medial aspect of the cerebral cortex, involved in processing emotions and behavior regulation.

Temporal Lobes

The temporal lobes are regions of the brain located beneath the temples, involved in processing auditory information, language comprehension, and storing new memories.