Wilson Inc Wishes to Use the Revaluation Model for This

Multiple Choice

Wilson Inc wishes to use the revaluation model for this property: The fair value for the property is $40,000. Using straight-line depreciation and assuming that the property has a remaining depreciable life of 5 years, how much would be booked to accumulated depreciation in the year subsequent to the revaluation?

A) $8,000 credit
B) $8,000 debit
C) $16,000 credit
D) $16,000 debit