10.The Buddy Burger Corporation has $3.5 million in long-lived assets and has an accumulated amortization account of $1.1 million. Which of the following statements is true?

The carrying value of long-lived assets is $3.5 million

The book value of long-lived assets is $2.4 million

The resale value of long-lived assets is $2.4 million

None of the above

The market value of long-lived assets is $3.5 million

9.Company ABC incurred the following costs during 2015:

Purchased computers.....................$10,000

Purchased photocopy machine.............$3,000

Engaged in research of new products.....$29,000

Engaged in development costs.............$12,500

Advertising of new products................$4,000

How much is the maximum that could be capitalized as intangible assets for 2015 on Company ABC's balance sheet?

$58,500

$12,500

$45,500

None of the other alternatives are correct

$41,500

7.On January 1,2014 the Mayfair Company has machinery on the books that originally cost $100,000. It sold the machine and recorded a $1,000 gain.

None of the above

Mayfair sold the asset for more than its book value

Mayfair sold the asset at book value

Mayfair sold the asset for less than its book value

Mayfair violated GAAP.