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Introduction

Tunisia Inc. 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.
The adjusted December 31, 2021, in the revaluation surplus account will be

$28,000.

$32,000.

$30,000.

$0.


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    Tunisia Inc. 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.The adjusted December 31, 2021, in the revaluation surplus account will be$28,000.$32,000.$30,000.$0.

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