- 12 Goodwill A May Be Expensed Upon Purchase If Desired B Can Be Sold By Itself To Another Company C Can Be Purchas 1 (46.53 KiB) Viewed 42 times
12. Goodwill a. may be expensed upon purchase if desired. b. can be sold by itself to another company. c. can be purchased and charged directly to stockholders' equity. d. is only recorded when the purchase of an entire business occurs. 13. 14. A patent should a. be amortized over a period of 20 years. b. not be amortized. c. be amortized over its useful life or 20 years, whichever is longer. d. be amortized over its useful life or 20 years, whichever is shorter. A company has the following assets: Buildings and Equipment, less accumulated depreciation of $5,000,000 $25,000,000 Copyrights 2,400,000 Patents 10,000,000 Land 12,000,000 The total amount reported under Property, Plant, and Equipment would be a. $49,400,000. b. $37,000,000 c. $47,000,000 d. $39,400,000 Which of the following most likely would be classified as a current liability? a. Dividends payable b. Bonds payable in 5 years c. Three-year notes payable d. Mortgage payable as a single payment in 10 years With an interest-bearing note, the amount of assets received upon issuance of the note is generally a. equal to the note's face value. b. greater than the note's face value. c. less than the note's face value, d. equal to the note's maturity value. 15. 16.