The first step in the revaluation of an asset is to:
A) transfer the balance of accumulated depreciation to the income statement.
B) record depreciation up to the date of the asset revaluation.
C) record the revaluation.
D) write-off the accumulated depreciation balance.

Question

Quizplus · Accepted Answer

Recording the depreciation expense up to the date of the asset revaluation is the first step in the revaluation of an asset.

The First Step in the Revaluation of an Asset Is