6M Belom is be sold purchased the right to remove gravel from an old eck quarry The forms of estimated for construction. cost ofthe quany rights was 4ooo rock and salable rock of During Beleeni leaded estimated that 16.000 tons remained at December 31.2016. At January 2011. that 20.000 tons still remained During Belotti loaded and sold sooo tons ou d record depletion of c, S30,750. 34. Sbort Corporation acquired Hathaway Inc. for ss2,000,000. The fair value of all Hathaway's identifiable tangible and intangible assets was s18,000,000 Short will amortize any goodwill over the maximum number of years allowed. What is the annual amortization of goodwill for this acquisition? 35 Granite a patent fom Southem Research Coporation on January 1, 2016, for Sa million. The patent will be used for 5 years, even though its legal life is 20 years Rocky Corporation has made a commitment to purchase the patent from Granite for S200,000 at the end of five years. Compute Granite's patent amortization for 2016. assuming the straight-line method is used. S800,000. 3s. The replacement of a major component increased the productive capacity of production equipment from 10 units per hour to 18 units per hour. The expenditure should be debited Equipment. d Gain from repairs. 37 classirying liabilities as either current or long-term helps creditors assess. a. Profitability. b. The relative risk of a firm's liabilities. c. The degree of a firm's liabilities. d The amount of a firm's liabilities. 3s when cash is received from customers in the form of a refundable deposit,the cath account is increased with a corresponding increase in a A current liability. Revenue. c shareholders' equity. d Paid-in capital