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Wilson Inc Wishes to Use the Revaluation Model for This

Question 65

Multiple Choice

Wilson Inc wishes to use the revaluation model for this property:
Wilson Inc wishes to use the revaluation model for this property: The fair value for the property is $140,000.Assuming this is the first year of using the revaluation model,which of the following amounts will be booked? A) $60,000 debit to profit and loss. B) $60,000 credit to profit and loss. C) $60,000 debit to OCI. D) $60,000 credit to OCI.
The fair value for the property is $140,000.Assuming this is the first year of using the revaluation model,which of the following amounts will be booked?


A) $60,000 debit to profit and loss.
B) $60,000 credit to profit and loss.
C) $60,000 debit to OCI.
D) $60,000 credit to OCI.

Correct Answer:

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