11. Which of the following intangible assets does not convey a specific legal right or privilege? A. Copyrights B. Franchises C. Goodwill D. Trademarks 12. On January 1, 2011, Frankfort Company made a basket purchase including land, a building and equipment for $760,000. The appraised values of the assets are $40,000 for the land, $680,000 for the building and $80,000 for equipment. Frankfort uses the double declining balance method of depreciation for the equipment which is estimated to have a useful life of five years and a salvage value of $10,000. The depreciation expense for 2011 for the equipment is: A. $13,200. B. $20,000. C. $30,000. D. $30,400. 13. Which of the following is not a primary role of an independent auditor? A. Assume legal and professional responsibilities to the public B. Advise client on tax strategies C. Determine whether a company's financial statements are materially correct D. All of these answer choices are correct. 14. The Wilson Company purchased $44,000 of merchandise from the Poole Wholesale Company. Wilson also paid $3,000 for freight costs to have the goods shipped to its location. Which of the following statements regarding the necessary entries for the transactions is true? Wilson uses the perpetual inventory system. A. Total debits to the inventory account would be $47,000. B. Total debits to the inventory account would be $44,000. C. Transportation-in would be debited for $3,000. D. Total debits to the inventory account would be $41,000. 15. The Garrett Company uses the perpetual inventory system. Although its inventory records indicated $18,000 in the inventory, a physical count showed only $16,250. Which of the fnllowinc ancwers indicates the effect of the necessary write-down entry