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. Using straight-line depreciation and assuming that the property has a remaining depreciable life of 5 years, how much depreciation expense would be recorded in the year subsequent to the revaluation?

A) $12,000 debit
B) $12,000 credit
C) $16,000 credit
D) $16,000 debit