Wilson Inc Wishes to Use the Revaluation Model for This

question 87

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 $40,000. Using straight-line depreciation and assuming that the property has a remaining depreciable life of 5 years, how much would be booked to accumulated depreciation in the year subsequent to the revaluation?

• A)$8,000 credit.
• B)$8,000 debit.
• C)$16,000 credit.
• D)$16,000 debit.

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Definitions:

Response Characteristic

The specific manner in which an individual responds to stimuli or events, often influenced by personal traits or psychological states.

Unifying Trait

A characteristic or attribute that is considered central to the identity or behavior of an individual, bringing coherence to various aspects of themselves.

Attribution Theory

A concept in psychology that explains how individuals infer the causes of their own and others' behavior.

Locus of Control

A psychological concept referring to the extent to which individuals believe they have control over the events affecting their lives.