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. What amount would be booked to the "accumulated depreciation" account if Wallace chooses to use the elimination method to record the revaluation?

A) $20,000 debit
B) $70,000 credit
C) $70,000 debit
D) $60,000 credit