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