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Wilson Inc Wishes to Use the Revaluation Model for This

Question 8

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. 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) $16,000 debit B) $16,000 credit C) $28,000 credit D) $28,000 debit The fair value for the property is $140,000. 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) $16,000 debit
B) $16,000 credit
C) $28,000 credit
D) $28,000 debit

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