Wallace Inc Wishes to Use the Revaluation Model for This

Multiple Choice

Wallace Inc wishes to use the revaluation model for this property:

The fair value for the property is $60,000.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) $12,000 debit.
B) $12,000 credit.
C) $16,000 credit.
D) $16,000 debit.