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

The fair value for the property is $140,000.What amount would be booked to the "accumulated depreciation" account if Wilson chooses to use the elimination method to record the revaluation?
A)$40,000 debit.
B)$40,000 credit.
C)$60,000 debit.
D)$140,000 credit.

Question

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

The fair value for the property is $140,000.What amount would be booked to the "accumulated depreciation" account if Wilson chooses to use the elimination method to record the revaluation?
A)$40,000 debit. 
B)$40,000 credit. 
C)$60,000 debit. 
D)$140,000 credit.

Quizplus · Accepted Answer

The Answer is A

Wilson Inc Wishes to Use the Revaluation Model for This