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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)
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ACCT 553 Midterm Exam
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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