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QUESTION 10 Using revaluation model, the accountant determined that the company's Machinery Has a revaluation decrease of $20 000. She debited Expense on Revaluation of
QUESTION 10 Using revaluation model, the accountant determined that the company's Machinery Has a revaluation decrease of $20 000. She debited Expense on Revaluation of Machinery by $20 000 to record this revaluation decrease. Please choose the correct closing entries for this revaluation. (Please note that there are more than one answers.) DR Expenses on Revaluation 20 000, CR Profit or Loss Summary 20 000 DR Profit or Loss Summary 20 000, CR expenses on Revaluation 20 000 DR Retained Earnings 20 000, CR Profit or Loss Summary 20 000 DR Other Comprehensive Income Summary 20 000, CR Expenses on Revaluation 20 000
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