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Smith Inc Wishes to Use the Revaluation Model for This

Question 63

Multiple Choice

Smith Inc wishes to use the revaluation model for this property: Smith Inc wishes to use the revaluation model for this property: The fair value for the property is $150,000. What amount would be booked to the accumulated depreciation account if Smith chooses to use the proportional method to record the revaluation? A) $0 B) $35,000 debit C) $35,000 credit D) $70,000 credit The fair value for the property is $150,000. What amount would be booked to the "accumulated depreciation" account if Smith chooses to use the proportional method to record the revaluation?


A) $0
B) $35,000 debit
C) $35,000 credit
D) $70,000 credit

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