Smith Inc wishes to use the revaluation model for this property:

The fair value for the property is $150,000.What amount would be booked to the "accumulated depreciation" account if Smith chooses to use the elimination method to record the revaluation?
A)$60,000 debit.
B)$60,000 credit.
C)$90,000 credit.
D)$150,000 debit.

Question

Smith Inc wishes to use the revaluation model for this property:

The fair value for the property is $150,000.What amount would be booked to the "accumulated depreciation" account if Smith chooses to use the elimination method to record the revaluation?
A)$60,000 debit. 
B)$60,000 credit. 
C)$90,000 credit. 
D)$150,000 debit.

Quizplus · Accepted Answer

The Answer is A

Smith Inc Wishes to Use the Revaluation Model for This