IPLE CHOICE. Choose the one alternative that best completes the statement or answers the question. 1) Millburn Corporation has acquired a property that included both land and a building for $510,000. 1) The corporation hired an appraiser who has determined that the market value of the land is $320,000 and that of the building is $440,000. At what amount should the corporation record the cost of land? (Round any intermediate calculations to two decimal places, and your final answer to the nearest dollar.) A) $214,200 B) $341,700 C) $255,000 D) $134,400 2) Which of the following statements, regarding the reporting of intangible assets, is correct? 2) A) All intangible assets are shown on the balance sheet at fair market value on balance sheet date B) Intangible assets are shown only at their net book value ) If a company uses the contra account, Accumulated Amortization, this account is typically shown on the balance sheet. D) Amortization expense is reported on the balance sheet. 3) Which of the following represents a privilege granted by a government to use public property in 3) performing services? A) goodwill B) trademark C) license D) franchise 1) Motor Sales sold its old office furniture for $9000. The original cost was $17,000, and at the time of 4) sale, accumulated depreciation was $14,000. What is the effect of this transaction? A) loss of $6000 B) gain of $6000 O) gain of $9000 D) loss of $9000 5) Intangible assets 5) A) are recorded at cost when purchased externally B) do not include goodwill C) are always expensed through amortization D) always have a definite life 5) O'Keith Corp, purchased a mine on January 1, 2018, for $500,000. The mine is estimated to contain 6) 40,000 tons of iron ore. There is no residual value. The business extracted and sold 8500 tons of ore in 2018 and 11,800 tons of ore in 2019. What is the book value of the mine at the end of 2019? (Round any intermediate calculations to two decimal places, and your final answer to the nearest dollar.) A) $246,250 B) $500,000 C) $420,000 D) $350,000 ) Cameron Corp. purchased a mine on January 1, 2018, for $530,000, which is estimated to contain 7) 35,000 tons of iron ore. There is no residual value. The business extracted and sold 7500 tons of ore in 2018 and 10,800 tons of ore in 2019. What is the depletion expense for 2019?(Round any intermediate calculations to two decimal places, and your final answer to the nearest dollar.) A) $113,550 B) $252,838 C) $277,062 D) $163,512 ) Which of the following requires businesses to record depreciation? 8) A) going concern principle C) revenue recognition principle B) cost principle D) matching principle