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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 i Smith chooses to use the proportional method to record the revaluation? Select one: a $35,000 credit. b. $70,000 credit. Oc. $70,000 debit. Od $35,000 debit Which statement is correct? Select one: O a Research is application of findings or knowledge towards new plans, designs or products. Ob. Research is original or planned investigation to gather new knowledge or understanding. Oc Research activities must be technically feasible as well as commercially viable. Od. Under IFRS all research costs can be either capitalized or expensed, What factor will not affect the estimated useful life of a finite lived intangible asset