Question: Moving to another question will save this response. 0.5 points Question 7 If Lucas Co. revaluated its sole land that was originally recorded at $1,200,000,

Moving to another question will save this response. 0.5 points Question

7 If Lucas Co. revaluated its sole land that was originally recorded

at $1,200,000, and found that fair value of the land is $1.000.000:

Moving to another question will save this response. 0.5 points Question 7 If Lucas Co. revaluated its sole land that was originally recorded at $1,200,000, and found that fair value of the land is $1.000.000: Lucas Co. should recognize an unrealized gain of $200,000. True False tinn Question 8 Depreciation should be updated for assets held for disposal during the period they are held. True False Question 9 Revisions of depreciation rates should not have a retrospective effect. O True O False

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