Wilson Inc wishes to use the revaluation model for this property: The fair value for the property is $40,000. Assuming this is the first year of using the revaluation model, which of the following amounts will be booked?
A)$40,000 debit to profit and loss
B)$40,000 credit to profit and loss
C)$40,000 debit to OCI
D)$40,000 credit to OCI

Question

Wilson Inc wishes to use the revaluation model for this property:  The fair value for the property is $40,000. Assuming this is the first year of using the revaluation model, which of the following amounts will be booked?
A)$40,000 debit to profit and loss 
B)$40,000 credit to profit and loss 
C)$40,000 debit to OCI 
D)$40,000 credit to OCI

Quizplus · Accepted Answer

The Answer of Wilson Inc wishes to use the revaluation model for this property:  The fair value for the property is $40,000. Assuming this is the first year of using the revaluation model, which of the following amounts will be booked?
A)$40,000 debit to profit and loss 
B)$40,000 credit to profit and loss 
C)$40,000 debit to OCI 
D)$40,000 credit to OCI

Wilson Inc Wishes to Use the Revaluation Model for This