1. Intangible Assets Determine whether to capitalize or expense the following. Are the amounts amortized? Expenditure Paid $10,000 to purchased patent Purchased a company. Paid $40,000 for goodwill Capitalize (C) Expense (E) Amortized? Yes/No

Company X purchased Company Y for $4,000,000. The net assets of the company purchased were valued at $3,800,000. What asset will be on Company X's balance sheet for $200,000? Goodwill Amortization Not enough info Equipment

A fixed asset with a cost of $30,192 and accumulated depreciation of $27,172.80 is sold for $5,132.64. What is the amount of the gain or loss on disposal of the fixed asset? a.$2,113.44 loss b.$3,019.20 gain c.$3,019.20 loss d.$2,113.44 gain

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