Reference no: EM132602141
Belgium Corp. owns assets to which it applies the revaluation model (asset-adjustment method). The following additional information is available:
1. Accumulated Depreciation at December 31, 2021, (prior to any fair value adjustments) was $ 12,000.
2. Between December 31, 2020, and December 31, 2021, the property's fair value had increased by $ 30,000.
3. The December 31, 2021, balance in the revaluation surplus account (prior to any fair value adjustments) was $ 2,000.
Question 1: The adjusted December 31, 2021, balance in the related contra-asset account will be?
Option a. 12000
Option b. 10000
Option c. 14000
Option d. 0
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