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Wilson Inc Wishes to Use the Revaluation Model for This

Question 81

Multiple Choice

Wilson Inc wishes to use the revaluation model for this property: Wilson Inc wishes to use the revaluation model for this property: The fair value for the property is $140,000. What amount would be booked to the accumulated depreciation account if Wilson chooses to use the elimination method to record the revaluation? A) $40,000 debit B) $40,000 credit C) $60,000 debit D) $140,000 credit The fair value for the property is $140,000. What amount would be booked to the "accumulated depreciation" account if Wilson chooses to use the elimination method to record the revaluation?


A) $40,000 debit
B) $40,000 credit
C) $60,000 debit
D) $140,000 credit

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