Question: Coral Inc. purchased machinery at $400,000 on January 1, 2021. At its fiscal year-ends at December 31, 2021 and December 31, 2022, the fair value of the building is assessed to be $408,000 and $342,000, respectively. What is the amount of revaluation adjustment to Net Income for the December 31, 2022 year-end? Coral Inc. correctly calculated and recorded annual depreciation expense of $20,000 and $21,474 for 2021 and 2022, respectively. Assume the company uses the revaluation model - asset adjustment method. Question Answer a. Dr. $44,526 b. Dr. $58,000 c. Dr. $38,000 d. Dr. $66,000 e. Dr. $16,526