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A) Debit Gain on Revaluation $70 000; Credit Buildings $70

Question 14

Multiple Choice

A) Debit gain on revaluation $70 000; credit buildings $70 000 B) Debit accumulated depreciation buildings $70 000; credit gain on revaluation $70 000 C) Debit accumulated depreciation buildings $120 000; credit gain on revaluation $70 000; credit buildings $50 000 D) Debit accumulated depreciation buildings $120 000; credit income account $70 000; credit buildings $50 000

A) Debit gain on revaluation $70 000; credit buildings $70 000
B) Debit accumulated depreciation buildings $70 000; credit gain on revaluation $70 000
C) Debit accumulated depreciation buildings $120 000; credit gain on revaluation $70 000; credit buildings $50 000
D) Debit accumulated depreciation buildings $120 000; credit income account $70 000; credit buildings $50 000

Correct Answer: