Blockware Corporation Has Selected to Use the Revaluation Model for Its

question 55

Multiple Choice

Blockware Corporation has selected to use the revaluation model for its assets.Recently it had its building appraised.The appraiser placed a $5.0 M value on the building.Back in 2012 this building was purchased for $4.0M.This increases in value over cost requires a:

• A) Dr. to accumulated depreciation
• B) Cr. to the building account
• C) Cr. to revaluation surplus
• D) Dr. to revaluation surplus

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Definitions:

Object Permanence

Object permanence is the understanding that objects continue to exist even when they cannot be seen, heard, or touched.

Formal Operational

A stage in Piaget's theory of cognitive development, where individuals develop the ability to think abstractly and reason logically.

Object Permanence

The understanding that objects continue to exist even when they cannot be seen, heard, or touched, usually developed in infancy.

Developmental Stages

Distinct phases of growth or progression in physical, psychological, or intellectual development typical of certain age ranges in humans or other organisms.