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Wilson Inc Wishes to Use the Revaluation Model for This

Question 120

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. Assuming this is the first year of using the revaluation model, which of the following amounts will be booked? A) $60,000 debit to profit and loss B) $60,000 credit to profit and loss C) $60,000 debit to OCI D) $60,000 credit to OCI The fair value for the property is $140,000. Assuming this is the first year of using the revaluation model, which of the following amounts will be booked?


A) $60,000 debit to profit and loss
B) $60,000 credit to profit and loss
C) $60,000 debit to OCI
D) $60,000 credit to OCI

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