Transcribed Image Text: Smitty Inc. wishes to use the revaluation model for this property: Before Revaluation • Building Gross Value 120,000 • Building Accumulated Depreciation
Transcribed Image Text: Smitty 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 Accumulated
Depreciation account, if Smitty chooses to use the proportional method to record
the revaluation?
$75,000 Credit
O None of the above.
O $35.000 Credit
$35.000 Debit
$40,000 Debit
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