551 Midterm INTERMEDIATE ACCOUNTING II

Jul 21st, 2016
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1. Question : (TCO C) Under current accounting practice, intangible assets are classified as amortizable or unamortizable. limited-life or indefinite-life. specifically identifiable or goodwill-type. legally restricted or goodwill-type. 2. Question : (TCO C) Which of the following intangible assets should not be amortized? Copyrights Customer lists Perpetual franchises All of these intangible assets should be amortized. 3. Question : (TCO C) The intangible asset goodwill may be capitalized only when purchased. capitalized either when purchased or created internally. capitalized only when created internally. written off directly to retained earnings. 4. Question : (TCO C) ELO Corporation purchased a patent for $90,000 on September 1, 2008. It had a useful life of ten years. On January 1, 2010, ELO spent $22,000 to successfully defend the patent in a lawsuit. ELO feels that as of that date, the remaining useful life is five years. What amount should be repor

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551 Midterm INTERMEDIATE ACCOUNTING II1. Question : (TCO C) Under current accounting practice, intangible assets are classified asamortizable or unamortizable.limited-life or indefinite-life.specifically identifiable or goodwill-type.legally restricted or goodwill-type.2. Question : (TCO C) Which of the following intangible assets should not be amortized?CopyrightsCustomer listsPerpetual franchisesAll of these intangible assets should be amortized.3. Question : (TCO C) The intangible asset goodwill may becapitalized only when purchased.capitalized either when purchased or created internally.capitalized only when created internally.written off directly to retained earnings.4. Question : (TCO C) ELO Corporation purchased a patent for $90,000 on September 1, 2008. Ithad a useful life of ten years. On January 1, 2010, ELO spent $22,000 to successfully defend thepatent in a lawsuit. ELO feels that as of that date, the remaining useful life is fiveyears. What amount should be reported for patent amortization expense for 2010?$20,600.$20,000.$18,800.$15,600.5. Question : (TCO C) During 2011, Bond Company purchased the net assets ofMay Corporation for $1,000,000. O

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