14.During 2017, Bolton Corporation acquired a mineral mine for $1,400,000 of which $100,000 was determined to be the salvage value of the land after the mineral has been removed. Geological surveys have indicated that 13 million units of the mineral could be extracted. During 2017, 1,500,000 units were extracted and 1,200,000 units were sold. What is the amount of depletion affecting the 2017 income statement?

Select one:

a. $140,000

b. $150,000

c. $138,000

d. $156,000

e. $120,000

15.

Which item(s) result in Goodwill to be included on a balance sheet?

Select one:

a. Both the excess of the purchase price over a purchased companys net assets and internally generated goodwill.

b. Neither the excess of the purchase price over a purchased companys net assets nor internally generated goodwill.

c. The excess of the purchase price over a purchased companys net assets, but not internally generated goodwill.

d. Internally generated goodwill, but not the excess of the purchase price over a purchased companys net assets.

17.

Blue Sky Companys 12/31/08 balance sheet reports assets of $5,000,000 and liabilities of $2,000,000. All of Blue Skys assets book values approximate their fair value, except for land, which has a fair value that is $300,000 less than its book value. On 12/31/08, Aaron Corporation paid $5,100,000 to acquire Blue Sky. What amount of goodwill should Aaron record as a result of this purchase?

Select one:

a. $2,400,000

b. $100,000

c. $1,800,000

d. $2,000,000

e. $2,100,000