Grover Inc wishes to use the revaluation model for this property: The fair value for the property is $100,000. What amount would be booked to the "accumulated depreciation" account if Grover chooses to use the elimination method to record the revaluation?
A)$20,000 credit
B)$40,000 debit
C)$40,000 credit
D)$80,000 debit

Question

Grover Inc wishes to use the revaluation model for this property:  The fair value for the property is $100,000. What amount would be booked to the "accumulated depreciation" account if Grover chooses to use the elimination method to record the revaluation?
A)$20,000 credit 
B)$40,000 debit 
C)$40,000 credit 
D)$80,000 debit

Quizplus · Accepted Answer

The Answer of Grover Inc wishes to use the revaluation model for this property:  The fair value for the property is $100,000. What amount would be booked to the "accumulated depreciation" account if Grover chooses to use the elimination method to record the revaluation?
A)$20,000 credit 
B)$40,000 debit 
C)$40,000 credit 
D)$80,000 debit

Grover Inc Wishes to Use the Revaluation Model for This