1/ Short Corporation acquired Hathaway, Inc., for $43,600,000. The fair value of all Hathaway's identifiable tangible and intangible assets was $38,000,000. Short will amortize any goodwill over the maximum number of years allowed. What is the annual amortization of goodwill for this acquisition?

Multiple Choice

• $1,400,000.

• $0.

• $2,800,000.

• $5,600,000.

2/ Nanki Corporation purchased equipment on January 1, 2016, for $657,000. In 2016 and 2017, Nanki depreciated the asset on a straight-line basis with an estimated useful life of eight years and a $13,000 residual value. In 2018, due to changes in technology, Nanki revised the useful life to a total of 4 years with no residual value. What depreciation would Nanki record for the year 2018 on this equipment? (Round your answer to the nearest dollar amount.)

Multiple Choice

• $107,333.

• $105,882.

• $248,000.

• None of these answer choices are correct.

3/ Cutter Enterprises purchased equipment for $78,000 on January 1, 2018. The equipment is expected to have a five-year life and a residual value of $6,900.

Using the double-declining balance method, the book value at December 31, 2019, would be:

Multiple Choice

• $29,280.

• $15,600.

• $28,080.

• $27,180.

21/ On March 31, 2018, M. Belotti purchased the right to remove gravel from an old rock quarry. The gravel is to be sold as roadbed for highway construction. The cost of the quarry rights was $174,300, with estimated salable rock of 21,000 tons. During 2018, Belotti loaded and sold 5,000 tons of rock and estimated that 16,000 tons remained at December 31, 2018. At January 1, 2019, Belotti estimated that 15,000 tons still remained. During 2019, Belotti loaded and sold 10,000 tons. Belotti uses the units-of-production method.

Belotti would record depletion in 2019 of: (Round cost per ton to two decimal places.)

Multiple Choice

• $88,500.

• $90,700.

• $101,620.

• $91,780.