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Grover Inc Wishes to Use the Revaluation Model for This

Question 22

Multiple Choice

Grover Inc wishes to use the revaluation model for this property: Grover Inc wishes to use the revaluation model for this property: The fair value for the property is $100,000. What amount would be booked to the accumulated depreciation account if Grover chooses to use the elimination method to record the revaluation? A) $20,000 credit B) $40,000 debit C) $40,000 credit D) $80,000 debit The fair value for the property is $100,000. What amount would be booked to the "accumulated depreciation" account if Grover chooses to use the elimination method to record the revaluation?


A) $20,000 credit
B) $40,000 debit
C) $40,000 credit
D) $80,000 debit

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