12 Feb Page 1Falserldbqn=1139638295788863991MultipleSecti
Page 1Falserldbqn=1139638295788863991MultipleSectionsNavigateFreelyFalseMultipleChoice8False/main/ CourseMod01388776320Question 4. 4. (TCO C) Danks Corporation purchased a patent for $450,000 on September 1, 2008. Ithad a useful life of 10 years. On January 1, 2010, Danks spent $110,000 to successfully defend thepatent in a lawsuit. Danks feels that as of that date, the remaining useful life is 5 years. What amountshould be reported for patent amortization expense for 2010? (Points : 5)$103,000.$100,000.$94,000.$78,000.01388776321MultipleChoice10Question 5. 5. (TCO C) MaBelle Corporation incurred the following costs in 2010:Acquisition of R & D equipment with a useful life of 4 years in R & Dprojects$600,000Start-up costs incurred when opening a new plant140,000Advertising expense to introduce a new product700,000Engineering costs incurred to advance a product to full production stage350,000What amount should MaBelle record as research and development expense in 2010?$500,000$640,000$950,000$1,340,000(Points : 5)01388776322MultipleChoice1501388776325MultipleChoice23Question 9. 9. (TCO D) Stine Co. is a retail store operating in a state with a 6% retail sales tax. Theretailer may keep 2% of the sales tax collected. Stine Co. records the sales tax in the Sales account.The amount recorded in the Sales account during May was $148,400.The amount of sales taxes (to the nearest dollar) for May is$8,726.(Points : 5)$8,400.$8,904.$9,438.01388776326MultipleChoice2601388776329MultipleChoice35Question 13. 13. (TCO D) Downing Company issues $5,000,000, 6%, 5-year bonds dated January 1,2010 on January 1, 2010. The bonds pay interest semiannually on June 30 and December 31. Thebonds are issued to yield 5%. What are the proceeds from the bond issue?2.5%3.0%5.0%6.0%Present value of a single sum for five periods.88385.86261.78353.74726Present value of a single sum for 10 periods.78120.74409.61391.55839Present value of an annuity for five periods4.64583 4.57971 4.32948 4.21236Present value of an annuity for 10 periods8.75206 8.53020 7.72173 7.36009(Points : 5)$5,000,000$5,216,494$5,218,809$5,217,30801388776330MultipleChoice38Question 14. 14. (TCO D) A company issues $5,000,000, 7.8%, 20-year bonds to yield 8% on January1, 2010. Interest is paid on June 30 and December 31. The proceeds from the bonds are $4,901,036.Using effective-interest amortization, how much interest expense will be recognized in 2010? (Points :5)$195,000$390,000$392,124$392,08301388776331MultipleChoice40Question 15. 15. (TCO D) On January 1, Patterson, Inc. issued $5,000,000, 9% bonds for $4,695,000.The market rate of interest for these bonds is 10%. Interest is payable annually on December 31.Patterson uses the effective-interest method of amortizing bond discount. At the end of the first year,Patterson should report unamortized bond discount of (Points : 5)$274,500$285,500$258,050$255,00001388776332MultipleChoice45
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