Wilson Inc wishes to use the revaluation model for this property: Building Gross Value Building Accumulated Depreciation Net carrying value Before Revaluation 120,000 40,000 80,000 The fair value for the property is $40,000. Assuming this is the first year of using the revaluation model, which of the following amounts will be booked? O a. $40,000 debit to profit and loss. O b. $40,000 credit to profit and loss. O c. $40,000 debit to OCI. O d. $40,000 credit to OCI. Wallace Inc wishes to use the revaluation model for this property: Building Gross Value Building Accumulated Depreciation Net carrying value Before Revaluation 120,000 40,000 80,000 The fair value for the property is $60,000. Using straight-line depreciation and assuming that the property has a remaining depreciable life of 5 years, how much depreciation expense would be recorded in the year subsequent to the revaluation? O a. $12,000 O b. $16,000 O c. $20,000 O d. $24,000 -5 Wilson Inc uses the revaluation model for its land. In the first year it recorded revaluation loss of $60,000. In year 2 the fair value increased $80,000 compared to year 1. What is to be recorded to revalue the land in year 2? O a. Credit revaluation loss $60,000 O b. Credit revaluation gain $60,000 Oc. Credit revaluation gain $80,000 O d. Credit revaluation surplus $80,000