=================================================== ACCT 553 Midterm Exam FOR MORE CLASSES VISIT www. acct553study. com
10.( TCO H) Alex Smith purchased 30 shares of XYZ stock on April 30, 2010 for $ 210, and on September 1, 2010, he purchased 90 additional shares for $ 900. On November 8, 2010, he sold 48 shares, which could not be specifically identified, for $ 528, and on December 15, 2010, he sold another 25 shares for $ 50. What is his recognized gain or loss?( Points: 17)
=================================================== ACCT 553 Midterm Exam FOR MORE CLASSES VISIT www. acct553study. com
1.( TCO C) Under current accounting practice, intangible assets are classified as( Points: 5)
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