ABC purchases a copyright for $50,000. The copyright has a remaining legal life of 25 years, but only an expected useful life of five years with no residual value. Assuming the company uses the straight-line method, what is the carrying value at the end of the first year? Numeric Response 34 B3 The balance sheet of ABC reports total assets of $1,500,000 and $1,700,000 at the beginning and end of the year, respectively. Net income and sales for the year are $240,000 and $2,000,000, respectively. What is ABC's return on assets (round to nearest whole percentage, just put in the number with no %)? 1:49:14 Numeric Response 35 $175 Net income (in millions) Preferred stock dividends (in millions) Common shares outstanding (in millions) Stock price $25 250 0.7 points $10.00 8 01:49:02 What is earnings per share (to the nearest penny)? Numeric Response 36 Assuming a current ratio of 1.2 and an acid-test ratio of 0.80, how will the purchase of inventory with cash affect each ratio? 2.7 oints 8 01:48:51 Multiple Choice No change to the current ratio and decrease the acid-test ratio. Decrease the current ratio and increase the acid-test ratio. Decrease the current ratio and decrease the acid-test ratio. Increase the current ratio and increase the acid-test ratio