Question : 11) Grover Inc wishes to use the revaluation model for : 1888865

11) Grover Inc wishes to use the revaluation model for this property:

	Before Revaluation
Building Gross Value	120,000
Building Accumulated Depreciation	40,000
Net carrying value	80,000

The fair value for the property is $100,000. What amount would be booked to the 'accumulated depreciation' account if Grover chooses to use the elimination method to record the revaluation?

A) $20,000 credit

B) $40,000 debit

C) $40,000 credit

D) $80,000 debit

12) Smith Inc wishes to use the revaluation model for this property:

	Before Revaluation
Building Gross Value	120,000
Building Accumulated Depreciation	60,000
Net carrying value	60,000

The fair value for the property is $150,000. What amount would be booked to the 'accumulated depreciation' account if Smith chooses to use the elimination method to record the revaluation?

A) $60,000 debit

B) $60,000 credit

C) $90,000 credit

D) $150,000 debit

13) Wallace Inc wishes to use the revaluation model for this property:

	Before Revaluation
Building Gross Value	150,000
Building Accumulated Depreciation	70,000
Net carrying value	80,000

The fair value for the property is $60,000. What amount would be booked to the 'accumulated depreciation' account if Wallace chooses to use the elimination method to record the revaluation?

A) $20,000 debit

B) $70,000 credit

C) $70,000 debit

D) $60,000 credit

14) Wilson Inc wishes to use the revaluation model for this property:

	Before Revaluation
Building Gross Value	120,000
Building Accumulated Depreciation	40,000
Net carrying value	80,000

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

15) Grover Inc wishes to use the revaluation model for this property:

	Before Revaluation
Building Gross Value	120,000
Building Accumulated Depreciation	40,000
Net carrying value	80,000

The fair value for the property is $100,000. Assuming this is the first year of using the revaluation model, what amount would be booked to the 'other comprehensive income' account if Grover chooses to use the proportional method to record the revaluation?

A) $0

B) $10,000 debit

C) $10,000 credit

D) $20,000 credit

16) Smith Inc wishes to use the revaluation model for this property:

	Before Revaluation
Building Gross Value	120,000
Building Accumulated Depreciation	40,000
Net carrying value	80,000

The fair value for the property is $150,000. Assuming this is the first year of using the revaluation model, what amount would be booked to the 'other comprehensive income' account if Smith chooses to use the proportional method to record the revaluation?

A) $35,000 debit

B) $35,000 credit

C) $70,000 debit

D) $70,000 credit

17) Wallace Inc wishes to use the revaluation model for this property:

	Before Revaluation
Building Gross Value	120,000
Building Other comprehensive income	40,000
Net carrying value	80,000

The fair value for the property is $60,000. Assuming this is the first year of using the revaluation model, what amount would be booked to the 'other comprehensive income' account if Wallace chooses to use the proportional method to record the revaluation?

A) $0

B) $10,000 debit

C) $10,000 credit

D) $20,000 debit

18) Wilson Inc wishes to use the revaluation model for this property:

	Before Revaluation
Building Gross Value	120,000
Building Accumulated Depreciation	40,000
Net carrying value	80,000

The fair value for the property is $20,000. Assuming this is the first year of using the revaluation model, what amount would be booked to the 'other comprehensive income' account if Wilson chooses to use the proportional method to record the revaluation?

A) $0

B) $30,000 debit

C) $30,000 credit

D) $60,000 debit

19) Grover Inc wishes to use the revaluation model for this property:

	Before Revaluation
Building Gross Value	160,000
Building Accumulated Depreciation	40,000
Net carrying value	120,000

The fair value for the property is $140,000. Assuming this is the first year of using the revaluation model, what amount would be booked to profit and loss if Grover chooses to use the elimination method to record the revaluation?

A) $0

B) $20,000 credit

C) $20,000 debit

D) $30,000 credit

20) Smith Inc wishes to use the revaluation model for this property:

	Before Revaluation
Building Gross Value	120,000
Building Accumulated Depreciation	60,000
Net carrying value	60,000

The fair value for the property is $150,000. Assuming this is the first year of using the revaluation model, what amount would be booked to profit and loss if Smith chooses to use the elimination method to record the revaluation?

A) $0

B) $60,000 debit

C) $60,000 credit

D) $90,000 credit