117. On December 31, Strike Company has decided to trade-in one of its batting cages for another one that has a cost of $500,000.  The seller of the batting cage is willing to allow a trade-in amount of $11,000. The initial cost of the old equipment was $215,000 with an accumulated depreciation of $185,000.  Depreciation has been taken up to the end of the year.  The difference will be paid in cash.  What is the amount of the gain or loss on this transaction? 
A. Loss of $11,000
B. Gain of $11,000
C. Loss of $19,000
D. No loss or gain will be recorded.

118. When a company replaces a component of property, plant and equipment, which statement below does not account for one of the steps in the process? 
A. book value of the replaced component is written off to depreciation expense
B. the asset cost of the replaced component is credited
C. any cost to remove the old component is charged to expense
D. the identifiable direct costs associated with the new component are capitalized

119. The accumulated depletion account is  
A. an expense account
B. an intangible asset account
C. reported on the income statement as other expense
D. reported on the balance sheet as a deduction from the cost of the mineral deposit

120. The process of transferring the cost of metal ores and other minerals removed from the earth to an expense account is called  
A. depletion
B. deferral
C. amortization
D. depreciation

121. The Weber Company purchased a mining site for $500,000 on July 1, 2011.  The company expects to mine ore for the next 10 years and anticipates that a total of 100,000 tons will be recovered.  The estimated residual value of the property is $80,000.  During 2011 the company extracted 4,000 tons of ore.  The depletion expense for 2011 is  
A. $10,500
B. $43,200
C. $16,800
D. $20,000

122. Expenditures for research and development are generally recorded as  
A. current operating expenses
B. assets and amortized over their estimated useful life
C. assets and amortized over 40 years
D. current assets

123. The term applied to the amount of cost to transfer to expense resulting from a decline in the utility of intangible assets is  
A. amortization
B. depletion
C. depreciation
D. allocation

124. Xtra Company purchased goodwill from Argus for $144,000.  Argus had developed the goodwill over 6 years. How much would Xtra amortize the goodwill for its first year? 
A. $8,640
B. $24,000
C. Goodwill is not amortized.
D. Not enough information.

125. Which intangible assets are amortized over their useful life? 
A. trademarks
B. goodwill
C. patents
D. all of the above

126. The exclusive right to use a certain name or symbol is called a  
A. franchise
B. patent
C. trademark
D. copyright

127. Fixed assets are ordinarily presented in the balance sheet  
A. at current market values
B. at replacement costs
C. at cost less accumulated depreciation
D. in a separate section along with intangible assets

128. Machinery was purchased on January 1, 2010 for $51,000.  The machinery has an estimated life of 7 years and an estimated salvage value of $9,000.  Double-declining balance depreciation for 2011 would be  
A. $10,929
B. $6,000
C. $10,500
D. $10,408

117. On December 31, Strike Company has decided to trade-in one of its batting cages for another one that has a cost of $500,000.  The seller of the batting cage is willing to allow a trade-in amount of $11,000. The initial cost of the old equipment was $215,000 with an accumulated depreciation of $185,000.  Depreciation has been taken up to the end of the year.  The difference will be paid in cash.  What is the amount of the gain or loss on this transaction? 
A. Loss of $11,000
B. Gain of $11,000
C. Loss of $19,000
D. No loss or gain will be recorded.

118. When a company replaces a component of property, plant and equipment, which statement below does not account for one of the steps in the process? 
A. book value of the replaced component is written off to depreciation expense
B. the asset cost of the replaced component is credited
C. any cost to remove the old component is charged to expense
D. the identifiable direct costs associated with the new component are capitalized

119. The accumulated depletion account is  
A. an expense account
B. an intangible asset account
C. reported on the income statement as other expense
D. reported on the balance sheet as a deduction from the cost of the mineral deposit

120. The process of transferring the cost of metal ores and other minerals removed from the earth to an expense account is called  
A. depletion
B. deferral
C. amortization
D. depreciation

121. The Weber Company purchased a mining site for $500,000 on July 1, 2011.  The company expects to mine ore for the next 10 years and anticipates that a total of 100,000 tons will be recovered.  The estimated residual value of the property is $80,000.  During 2011 the company extracted 4,000 tons of ore.  The depletion expense for 2011 is  
A. $10,500
B. $43,200
C. $16,800
D. $20,000

122. Expenditures for research and development are generally recorded as  
A. current operating expenses
B. assets and amortized over their estimated useful life
C. assets and amortized over 40 years
D. current assets

123. The term applied to the amount of cost to transfer to expense resulting from a decline in the utility of intangible assets is  
A. amortization
B. depletion
C. depreciation
D. allocation

124. Xtra Company purchased goodwill from Argus for $144,000.  Argus had developed the goodwill over 6 years. How much would Xtra amortize the goodwill for its first year? 
A. $8,640
B. $24,000
C. Goodwill is not amortized.
D. Not enough information.

125. Which intangible assets are amortized over their useful life? 
A. trademarks
B. goodwill
C. patents
D. all of the above

126. The exclusive right to use a certain name or symbol is called a  
A. franchise
B. patent
C. trademark
D. copyright

127. Fixed assets are ordinarily presented in the balance sheet  
A. at current market values
B. at replacement costs
C. at cost less accumulated depreciation
D. in a separate section along with intangible assets

128. Machinery was purchased on January 1, 2010 for $51,000.  The machinery has an estimated life of 7 years and an estimated salvage value of $9,000.  Double-declining balance depreciation for 2011 would be  
A. $10,929
B. $6,000
C. $10,500
D. $10,408

117. On December 31, Strike Company has decided to trade-in one of its batting cages for another one that has a cost of $500,000.  The seller of the batting cage is willing to allow a trade-in amount of $11,000. The initial cost of the old equipment was $215,000 with an accumulated depreciation of $185,000.  Depreciation has been taken up to the end of the year.  The difference will be paid in cash.  What is the amount of the gain or loss on this transaction? 
A. Loss of $11,000
B. Gain of $11,000
C. Loss of $19,000
D. No loss or gain will be recorded.

118. When a company replaces a component of property, plant and equipment, which statement below does not account for one of the steps in the process? 
A. book value of the replaced component is written off to depreciation expense
B. the asset cost of the replaced component is credited
C. any cost to remove the old component is charged to expense
D. the identifiable direct costs associated with the new component are capitalized

119. The accumulated depletion account is  
A. an expense account
B. an intangible asset account
C. reported on the income statement as other expense
D. reported on the balance sheet as a deduction from the cost of the mineral deposit

120. The process of transferring the cost of metal ores and other minerals removed from the earth to an expense account is called  
A. depletion
B. deferral
C. amortization
D. depreciation

121. The Weber Company purchased a mining site for $500,000 on July 1, 2011.  The company expects to mine ore for the next 10 years and anticipates that a total of 100,000 tons will be recovered.  The estimated residual value of the property is $80,000.  During 2011 the company extracted 4,000 tons of ore.  The depletion expense for 2011 is  
A. $10,500
B. $43,200
C. $16,800
D. $20,000

122. Expenditures for research and development are generally recorded as  
A. current operating expenses
B. assets and amortized over their estimated useful life
C. assets and amortized over 40 years
D. current assets

123. The term applied to the amount of cost to transfer to expense resulting from a decline in the utility of intangible assets is  
A. amortization
B. depletion
C. depreciation
D. allocation

124. Xtra Company purchased goodwill from Argus for $144,000.  Argus had developed the goodwill over 6 years. How much would Xtra amortize the goodwill for its first year? 
A. $8,640
B. $24,000
C. Goodwill is not amortized.
D. Not enough information.

125. Which intangible assets are amortized over their useful life? 
A. trademarks
B. goodwill
C. patents
D. all of the above

126. The exclusive right to use a certain name or symbol is called a  
A. franchise
B. patent
C. trademark
D. copyright

127. Fixed assets are ordinarily presented in the balance sheet  
A. at current market values
B. at replacement costs
C. at cost less accumulated depreciation
D. in a separate section along with intangible assets

128. Machinery was purchased on January 1, 2010 for $51,000.  The machinery has an estimated life of 7 years and an estimated salvage value of $9,000.  Double-declining balance depreciation for 2011 would be  
A. $10,929
B. $6,000
C. $10,500
D. $10,408

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