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Wallace Inc Wishes to Use the Revaluation Model for This

Question 39

Multiple Choice

Wallace Inc wishes to use the revaluation model for this property: Wallace Inc wishes to use the revaluation model for this property: The fair value for the property is $60,000. What amount would be booked to the accumulated depreciation account if Wallace chooses to use the proportional method to record the revaluation? A) $0 B) $10,000 debit C) $10,000 credit D) $20,000 debit The fair value for the property is $60,000. What amount would be booked to the "accumulated depreciation" account if Wallace chooses to use the proportional method to record the revaluation?


A) $0
B) $10,000 debit
C) $10,000 credit
D) $20,000 debit

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