2.( TCO C) Which of the following intangible assets should not be amortized?( Points: 5) 3.( TCO C) The intangible asset goodwill may be( Points: 5) 4.( 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 reported for patent amortization expense for 2010?( Points: 5) 5.( TCO C) During 2011, Bond Company purchased the net assets of May Corporation for $ 1,000,000. On the date of the transaction, May had $ 300,000 of liabilities. The fair value of May ' s assets when acquired were as follows: 6.( TCO D) Which of the following is a condition for accruing a liability for the cost of compensation for future absences?( Points: 5) 7.( TCO D) Which of the following taxes does not represent a payroll deduction a company may incur?( Points: 5) 8.( TCO D) Assume that a manufacturing corporation has( 1) good quality control,( 2) a one-year operating cycle,( 3) a relatively stable pattern of annual sales, and( 4) a continuing policy of guaranteeing new products against defects for three years that has resulted in material but rather stable warranty repair and replacement costs. Any liability for the warranty( Points: 5) 9.( TCO D) Jenkins Corporation has $ 2,500,000 of short-term debt it expects to retire with proceeds from the sale of 75,000 shares of common stock. If the stock is sold for $ 20 per share subsequent to the balance sheet date, but before the balance sheet is issued, what amount of short-term debt could be excluded from current liabilities?( Points: 5) 10.( TCO D) Tender Foot Inc. is involved in litigation regarding a faulty product sold in a prior year. The company has consulted with its attorney and determined that it is possible that they may lose the case. The attorneys estimated that there is a 40 % chance of losing. If this is the case, their attorney estimated that the amount of any payment would be $ 500,000. What is the required journal entry as a result of this litigation?( Points: 5)