Wallace Inc wishes to use the revaluation model for this property: The fair value for the property is $60,000. Assuming this is the first year of using the revaluation model, what amount would be booked to profit and loss if Wallace chooses to use the elimination method to record the revaluation?
A)$20,000 debit
B)$20,000 credit
C)$70,000 debit
D)$80,000 credit

Question

Wallace Inc wishes to use the revaluation model for this property:  The fair value for the property is $60,000. Assuming this is the first year of using the revaluation model, what amount would be booked to profit and loss if Wallace chooses to use the elimination method to record the revaluation?
A)$20,000 debit 
B)$20,000 credit 
C)$70,000 debit 
D)$80,000 credit

Quizplus · Accepted Answer

The Answer of Wallace Inc wishes to use the revaluation model for this property:  The fair value for the property is $60,000. Assuming this is the first year of using the revaluation model, what amount would be booked to profit and loss if Wallace chooses to use the elimination method to record the revaluation?
A)$20,000 debit 
B)$20,000 credit 
C)$70,000 debit 
D)$80,000 credit

Wallace Inc Wishes to Use the Revaluation Model for This