Wilson Inc wishes to use the revaluation model for this property: The fair value for the property is $40,000. Using straight-line depreciation and assuming that the property has a remaining depreciable life of 5 years, how much depreciation expense would be recorded in the year subsequent to the revaluation?
A)8,000 credit
B)8,000 debit
C)16,000 credit
D)16,000 debit

Question

Wilson Inc wishes to use the revaluation model for this property:  The fair value for the property is $40,000. Using straight-line depreciation and assuming that the property has a remaining depreciable life of 5 years, how much depreciation expense would be recorded in the year subsequent to the revaluation?
A)8,000 credit 
B)8,000 debit 
C)16,000 credit 
D)16,000 debit

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. Using straight-line depreciation and assuming that the property has a remaining depreciable life of 5 years, how much depreciation expense would be recorded in the year subsequent to the revaluation?
A)8,000 credit 
B)8,000 debit 
C)16,000 credit 
D)16,000 debit

Wilson Inc Wishes to Use the Revaluation Model for This