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 )
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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