A. Is an unknown liability of a certain amount. B. Can be the result of a lawsuit. C. Is not recorded until the amount is known for certain. D. Is a known obligation of an uncertain amount that can be reasonably est E. Is a liability that may occur if a future event occurs. 55. The following data were reported by a corporation: 20,000 Authorized shares 15,000 Issued shares 3,000 Treasury shares The number of outstanding shares is: A. 15,000. B. 20,000. C. 12,000. D. 23,000. E. 17,000. 56. Goods in transit are included in a purchaser's inventory: A. When the goods are shipped FOB shipping point. B. At any time during transit. C. After the half-way point between the buyer and seller. D. If the goods are shipped FOB destination. E. When the supplier is responsible for freight charges. 57. A machine originally had an estimated useful life of 6 years, but after that the original estimate of useful life should have been 10 years. At t depreciated should be allocated over the remaining: A. 10 years. B. 6 years. C. 2 years. D. 16 years. E. 4 years. 58. Merchandise inventory: A. Is a long-term asset. B. Is a current asset. C Must be sold within one month