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 would be booked to accumulated depreciation 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 would be booked to accumulated depreciation 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 would be booked to accumulated depreciation 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