Please complete the attached using an Excel spreadsheet to show your work for every problem.

Ps I have now an hour left please only accept the project if you can complete it in an hour thank you

Page 1 False rldbqn=1 139638295 78886399 1 MultipleSections NavigateFreely False False /main/ CourseMod Question 1. 1. (TCO C) The cost of an intangible asset includes all of the following except (Points : 5) purchase price. legal fees. other incidental expenses. All of these are included. 0 1388776318 MultipleChoice 1 Question 2. 2. (TCO C) Which of the following is not an intangible asset? (Points : 5) Trade name Research and development costs Franchise Copyrights 0 1388776319 MultipleChoice 5 Question 3. 3. (TCO C) A loss on impairment of an intangible asset is the difference between the asset's (Points : 5) carrying amount and the expected future net cash flows. carrying amount and its fair value. fair value and the expected future net cash flows. book value and its fair value. 0 1388776320 MultipleChoice 8 Question 4. 4. (TCO C) Danks Corporation purchased a patent for $450,000 on September 1, 2008. It had a useful life of 10 years. On January 1, 2010, Danks spent $110,000 to successfully defend the patent in a lawsuit. Danks feels that as of that date, the remaining useful life is 5 years. What amount should be reported for patent amortization expense for 2010? (Points : 5) $103,000. $100,000. $94,000. $78,000. 0 1388776321 MultipleChoice 10 Question 5. 5. (TCO C) MaBelle Corporation incurred the following costs in 2010: Acquisition of R & D equipment with a useful life of 4 years in R & D projects $600,000 Start-up costs incurred when opening a new plant 140,000 Advertising expense to introduce a new product 700,000 Engineering costs incurred to advance a product to full production stage 350,000 What amount should MaBelle record as research and development expense in 2010? $500,000 (Points : 5) $640,000 $950,000 $1,340,000 0 1388776322 MultipleChoice 15 Question 6. 6. (TCO D) A liability for compensated absences such as vacations, for which it is expected that employees will be paid, should (Points : 5) be accrued during the period when the compensated time is expected to be used by employees. be accrued during the period following vesting. be accrued during the period when earned. not be accrued unless a written contractual obligation exists. 0 1388776323 MultipleChoice 18 Question 7. 7. (TCO D) Which gives rise to the requirement to accrue a liability for the cost of compensated absences? (Points : 5) Payment is probable. Employee rights vest or accumulate. The amount can be reasonably estimated. All of the above 0 1388776324 MultipleChoice 19 Question 8. 8. (TCO D) Information available prior to the issuance of the financial statements indicates that it is probable that, at the date of the financial statements, a liability has been incurred for obligations related to product warranties. The amount of the loss involved can be reasonably estimated. Based on the above facts, an estimated loss contingency should be (Points : 5) accrued. disclosed but not accrued. neither accrued nor disclosed. classified as an appropriation of retained earnings. 0 1388776325 MultipleChoice 23 Question 9. 9. (TCO D) Stine Co. is a retail store operating in a state with a 6% retail sales tax. The retailer may keep 2% of the sales tax collected. Stine Co. records the sales tax in the Sales account. The amount recorded in the Sales account during May was $148,400. The amount of sales taxes (to the nearest dollar) for May is $8,726. $8,400. $8,904. $9,438. (Points : 5) 0 1388776326 MultipleChoice 26 Question 10. 10. (TCO D) Tender Foot, Inc. is involved in litigation regarding a faulty product sold in a prior year. The company has consulted with its attorney and determined that it is possible that it may lose the case. The attorneys estimated that there is a 40% chance of losing. Tender Foot's attorney estimated that if it loses, then the amount of any payment would be $500,000. What is the required journal entry as a result of this litigation? (Points : 5) Debit Litigation Expense for $500,000 and credit Litigation Liability for $500,000. No journal entry is required. Debit Litigation Expense for $200,000 and credit Litigation Liability for $200,000. Debit Litigation Expense for $300,000 and credit Litigation Liability for $300,000 0 1388776327 MultipleChoice 30 Question 11. 11. (TCO D) Reich, Inc. issued bonds with a maturity amount of $200,000 and a maturity 10 years from date of issue. If the bonds were issued at a premium, this indicates that (Points : 5) the effective yield or market rate of interest exceeded the stated (nominal) rate. the nominal rate of interest exceeded the market rate. the market and nominal rates coincided. no necessary relationship exists between the two rates. 0 1388776328 MultipleChoice 31 Question 12. 12. (TCO D) The printing costs and legal fees associated with the issuance of bonds should (Points : 5) be expensed when incurred. be reported as a deduction from the face amount of bonds payable. be accumulated in a deferred charge account and amortized over the life of the bonds. not be reported as an expense until the period the bonds mature or are retired. 0 1388776329 MultipleChoice 35 Question 13. 13. (TCO D) Downing Company issues $5,000,000, 6%, 5-year bonds dated January 1, 2010 on January 1, 2010. The bonds pay interest semiannually on June 30 and December 31. The bonds are issued to yield 5%. What are the proceeds from the bond issue? 2.5% 3.0% 5.0% 6.0% Present value of a single sum for five periods .88385 .86261 .78353 .74726 Present value of a single sum for 10 periods .78120 .74409 .61391 .55839 Present value of an annuity for five periods 4.64583 4.57971 4.32948 4.21236 Present value of an annuity for 10 periods 8.75206 8.53020 7.72173 7.36009 (Points : 5) $5,000,000 $5,216,494 $5,218,809 $5,217,308 0 1388776330 MultipleChoice 38 Question 14. 14. (TCO D) A company issues $5,000,000, 7.8%, 20-year bonds to yield 8% on January 1, 2010. Interest is paid on June 30 and December 31. The proceeds from the bonds are $4,901,036. Using effective-interest amortization, how much interest expense will be recognized in 2010? (Points : 5) $195,000 $390,000 $392,124 $392,083 0 1388776331 MultipleChoice 40 Question 15. 15. (TCO D) On January 1, Patterson, Inc. issued $5,000,000, 9% bonds for $4,695,000. The market rate of interest for these bonds is 10%. Interest is payable annually on December 31. Patterson uses the effective-interest method of amortizing bond discount. At the end of the first year, Patterson should report unamortized bond discount of $274,500 (Points : 5) $285,500 $258,050 $255,000 0 1388776332 MultipleChoice 45 139638308 78886399 2 MultipleSections NavigateFreely False Page 2 False rldbqn=1 False /main/ CourseMod Question 1. 1. (TCO C) Barkley Corp. obtained a trade name in January 2009, incurring legal costs of $15,000. The company amortizes the trade name over 8 years. Barkley successfully defended its trade name in January 2010, incurring $4,900 in legal fees. At the beginning of 2011, based on new marketing research, Barkley determines that the fair value of the trade name is $12,000. Estimated total future cash flows from the trade name are $13,000 on January 4, 2011. Instructions: Prepare the necessary journal entries for the years ending December 31, 2009, 2010, and 2011. Show all computations. (Points : 30) 0 1388776333 Essay 2 Question 2. 2. (TCO C) It has been argued on the grounds of conservatism that all intangible assets should be written off immediately after acquisition. Discuss the accounting arguments against this treatment. (Points : 15) 0 1388776334 Essay 6 Question 3. 3. (TCO D) Irving Music Shop gives its customers coupons redeemable for a poster plus a Dixie Chicks CD. One coupon is issued for each dollar of sales. On the surrender of 100 coupons and $5.00 cash, the poster and CD are given to the customer. It is estimated that 80% of the coupons will be presented for redemption. Sales for the first period were $700,000, and the coupons redeemed totaled 340,000. Sales for the second period were $840,000, and the coupons redeemed totaled 850,000. Irving Music Shop bought 20,000 posters at $2.00/poster and 20,000 CDs at $6.00/CD. Instructions: Prepare the following entries for the first period, assuming all the coupons expected to be redeemed from the first period were redeemed by the end of the second period. Entry Period 1 Period 2 (a) To record coupons redeemed (b) To record estimated liability (Points : 30) 0 1388776335 Essay 17 Question 4. 4. (TCO D) Grider Industries, Inc. issued $6,000,000 of 8% debentures on May 1, 2010 and received cash totaling $5,323,577. The bonds pay interest semiannually on May 1 and November 1. The maturity date on the bonds is November 1, 2018. The firm uses the effective-interest method of amortizing discounts and premiums. The bonds were sold to yield an effective interest rate of 10%. Instructions: Calculate the total dollar amount of discount or premium amortization during the first year (5/1/2010 through 4/30/2011) these bonds were outstanding. (Show computations and round to the nearest dollar.) (Points : 30) 0 1388776336 Essay 11 Question 5. 5. (TCO D) Mann, Inc., which owes Doran Co. $600,000 in notes payable with accrued interest of $54,000, is in financial difficulty. To settle the debt, Doran agrees to accept from Mann equipment with a fair value of $570,000, an original cost of $840,000, and accumulated depreciation of $195,000. Instructions: - Compute the gain or loss to Mann on the settlement of the debt. - Compute the gain or loss to Mann on the transfer of the equipment. (Points : 20) 0 1388776337 Essay 14 Page 1 False rldbqn=1 139638295 78886399 1 MultipleSections NavigateFreely False False /main/CourseMod Question 1. 1. (TCO C) The cost of an intangible asset includes all of the following except(Points : 5) purchase price. legal fees. other incidental expenses. All of these are included. 0 1388776318 MultipleChoice 1 Question 2. 2. (TCO C) Which of the following is not an intangible asset? (Points : 5) Trade name Research and development costs Franchise Copyrights 0 1388776319 MultipleChoice 5 Question 3. 3. (TCO C) A loss on impairment of an intangible asset is the difference between the asset's (Points : 5) carrying amount and the expected future net cash flows. carrying amount and its fair value. fair value and the expected future net cash flows. book value and its fair value. 0 1388776320 MultipleChoice 8 Question 4. 4. (TCO C) Danks Corporation purchased a patent for $450,000 on September 1, 2008. It had a useful life of 10 years. On January 1, 2010, Danks spent $110,000 to successfully defend the patent in a lawsuit. Danks feels that as of that date, the remaining useful life is 5 years. What amount should be reported for patent amortization expense for 2010? (Points : 5) $103,000. $100,000. $94,000. $78,000. 0 1388776321 MultipleChoice 10 Question 5. 5. (TCO C) MaBelle Corporation incurred the following costs in 2010: Acquisition of R & D equipment with a useful life of 4 years in R & D projects $600,000 Start-up costs incurred when opening a new plant 140,000 Advertising expense to introduce a new product 700,000 Engineering costs incurred to advance a product to full production stage 350,000 What amount should MaBelle record as research and development expense in 2010? $500,000 (Points : 5) $640,000 $950,000 $1,340,000 0 1388776322 MultipleChoice 15 Question 6. 6. (TCO D) A liability for compensated absences such as vacations, for which it is expected that employees will be paid, should (Points : 5) be accrued during the period when the compensated time is expected to be used by employees. be accrued during the period following vesting. be accrued during the period when earned. not be accrued unless a written contractual obligation exists. 0 1388776323 MultipleChoice 18 Question 7. 7. (TCO D) Which gives rise to the requirement to accrue a liability for the cost of compensated absences? (Points : 5) Payment is probable. Employee rights vest or accumulate. The amount can be reasonably estimated. All of the above 0 1388776324 MultipleChoice 19 Question 8. 8. (TCO D) Information available prior to the issuance of the financial statements indicates that it is probable that, at the date of the financial statements, a liability has been incurred for obligations related to product warranties. The amount of the loss involved can be reasonably estimated. Based on the above facts, an estimated loss contingency should be (Points : 5) accrued. disclosed but not accrued. neither accrued nor disclosed. classified as an appropriation of retained earnings. 0 1388776325 MultipleChoice 23 Question 9. 9. (TCO D) Stine Co. is a retail store operating in a state with a 6% retail sales tax. The retailer may keep 2% of the sales tax collected. Stine Co. records the sales tax in the Sales account. The amount recorded in the Sales account during May was $148,400. The amount of sales taxes (to the nearest dollar) for May is $8,726. $8,400. $8,904. $9,438. (Points : 5) 0 1388776326 MultipleChoice 26 Question 10. 10. (TCO D) Tender Foot, Inc. is involved in litigation regarding a faulty product sold in a prior year. The company has consulted with its attorney and determined that it is possible that it may lose the case. The attorneys estimated that there is a 40% chance of losing. Tender Foot's attorney estimated that if it loses, then the amount of any payment would be $500,000. What is the required journal entry as a result of this litigation? (Points : 5) Debit Litigation Expense for $500,000 and credit Litigation Liability for $500,000. No journal entry is required. Debit Litigation Expense for $200,000 and credit Litigation Liability for $200,000. Debit Litigation Expense for $300,000 and credit Litigation Liability for $300,000 0 1388776327 MultipleChoice 30 Question 11. 11. (TCO D) Reich, Inc. issued bonds with a maturity amount of $200,000 and a maturity 10 years from date of issue. If the bonds were issued at a premium, this indicates that (Points : 5) the effective yield or market rate of interest exceeded the stated (nominal) rate. the nominal rate of interest exceeded the market rate. the market and nominal rates coincided. no necessary relationship exists between the two rates. 0 1388776328 MultipleChoice 31 Question 12. 12. (TCO D) The printing costs and legal fees associated with the issuance of bonds should (Points : 5) be expensed when incurred. be reported as a deduction from the face amount of bonds payable. be accumulated in a deferred charge account and amortized over the life of the bonds. not be reported as an expense until the period the bonds mature or are retired. 0 1388776329 MultipleChoice 35 Question 13. 13. (TCO D) Downing Company issues $5,000,000, 6%, 5-year bonds dated January 1, 2010 on January 1, 2010. The bonds pay interest semiannually on June 30 and December 31. The bonds are issued to yield 5%. What are the proceeds from the bond issue? 2.5% 3.0% 5.0% 6.0% Present value of a single sum for five periods .88385 .86261 .78353 .74726 Present value of a single sum for 10 periods .78120 .74409 .61391 .55839 Present value of an annuity for five periods 4.64583 4.57971 4.32948 4.21236 Present value of an annuity for 10 periods 8.75206 8.53020 7.72173 7.36009 (Points : 5) $5,000,000 $5,216,494 $5,218,809 $5,217,308 0 1388776330 MultipleChoice 38 Question 14. 14. (TCO D) A company issues $5,000,000, 7.8%, 20-year bonds to yield 8% on January 1, 2010. Interest is paid on June 30 and December 31. The proceeds from the bonds are $4,901,036. Using effective-interest amortization, how much interest expense will be recognized in 2010? (Points : 5) $195,000 $390,000 $392,124 $392,083 0 1388776331 MultipleChoice 40 Question 15. 15. (TCO D) On January 1, Patterson, Inc. issued $5,000,000, 9% bonds for $4,695,000. The market rate of interest for these bonds is 10%. Interest is payable annually on December 31. Patterson uses the effective-interest method of amortizing bond discount. At the end of the first year, Patterson should report unamortized bond discount of $274,500 (Points : 5) $285,500 $258,050 $255,000 0 1388776332 MultipleChoice 45 139638308 78886399 2 MultipleSections NavigateFreely False Page 2 False rldbqn=1 False /main/CourseMod Question 1. 1. (TCO C) Barkley Corp. obtained a trade name in January 2009, incurring legal costs of $15,000. The company amortizes the trade name over 8 years. Barkley successfully defended its trade name in January 2010, incurring $4,900 in legal fees. At the beginning of 2011, based on new marketing research, Barkley determines that the fair value of the trade name is $12,000. Estimated total future cash flows from the trade name are $13,000 on January 4, 2011. Instructions: Prepare the necessary journal entries for the years ending December 31, 2009, 2010, and 2011. Show all computations. (Points : 30) 0 1388776333 Essay 2 Question 2. 2. (TCO C) It has been argued on the grounds of conservatism that all intangible assets should be written off immediately after acquisition. Discuss the accounting arguments against this treatment. (Points : 15) 0 1388776334 Essay 6 Question 3. 3. (TCO D) Irving Music Shop gives its customers coupons redeemable for a poster plus a Dixie Chicks CD. One coupon is issued for each dollar of sales. On the surrender of 100 coupons and $5.00 cash, the poster and CD are given to the customer. It is estimated that 80% of the coupons will be presented for redemption. Sales for the first period were $700,000, and the coupons redeemed totaled 340,000. Sales for the second period were $840,000, and the coupons redeemed totaled 850,000. Irving Music Shop bought 20,000 posters at $2.00/poster and 20,000 CDs at $6.00/CD. Instructions: Prepare the following entries for the first period, assuming all the coupons expected to be redeemed from the first period were redeemed by the end of the second period. Entry Period 1 Period 2 (a) To record coupons redeemed (b) To record estimated liability (Points : 30) 0 1388776335 Essay 17 Question 4. 4. (TCO D) Grider Industries, Inc. issued $6,000,000 of 8% debentures on May 1, 2010 and received cash totaling $5,323,577. The bonds pay interest semiannually on May 1 and November 1. The maturity date on the bonds is November 1, 2018. The firm uses the effective-interest method of amortizing discounts and premiums. The bonds were sold to yield an effective interest rate of 10%. Instructions: Calculate the total dollar amount of discount or premium amortization during the first year (5/1/2010 through 4/30/2011) these bonds were outstanding. (Show computations and round to the nearest dollar.) (Points : 30) 0 1388776336 Essay 11 Question 5. 5. (TCO D) Mann, Inc., which owes Doran Co. $600,000 in notes payable with accrued interest of $54,000, is in financial difficulty. To settle the debt, Doran agrees to accept from Mann equipment with a fair value of $570,000, an original cost of $840,000, and accumulated depreciation of $195,000. Instructions: - Compute the gain or loss to Mann on the settlement of the debt. - Compute the gain or loss to Mann on the transfer of the equipment. (Points : 20) 0 1388776337 Essay 14 Page 1 False rldbqn=1 139638295 78886399 1 MultipleSections NavigateFreely False MultipleChoice 8 False /main/ CourseMod 0 1388776320 Question 4. 4. (TCO C) Danks Corporation purchased a patent for $450,000 on September 1, 2008. It had a useful life of 10 years. On January 1, 2010, Danks spent $110,000 to successfully defend the patent in a lawsuit. Danks feels that as of that date, the remaining useful life is 5 years. What amount should be reported for patent amortization expense for 2010? (Points : 5) $103,000. $100,000. $94,000. $78,000. 0 1388776321 MultipleChoice 10 Question 5. 5. (TCO C) MaBelle Corporation incurred the following costs in 2010: Acquisition of R & D equipment with a useful life of 4 years in R & D projects $600,000 Start-up costs incurred when opening a new plant 140,000 Advertising expense to introduce a new product 700,000 Engineering costs incurred to advance a product to full production stage 350,000 What amount should MaBelle record as research and development expense in 2010? $500,000 $640,000 $950,000 $1,340,000 (Points : 5) 0 1388776322 MultipleChoice 15 0 1388776325 MultipleChoice 23 Question 9. 9. (TCO D) Stine Co. is a retail store operating in a state with a 6% retail sales tax. The retailer may keep 2% of the sales tax collected. Stine Co. records the sales tax in the Sales account. The amount recorded in the Sales account during May was $148,400. The amount of sales taxes (to the nearest dollar) for May is $8,726. (Points : 5) $8,400. $8,904. $9,438. 0 1388776326 MultipleChoice 26 0 1388776329 MultipleChoice 35 Question 13. 13. (TCO D) Downing Company issues $5,000,000, 6%, 5-year bonds dated January 1, 2010 on January 1, 2010. The bonds pay interest semiannually on June 30 and December 31. The bonds are issued to yield 5%. What are the proceeds from the bond issue? 2.5% 3.0% 5.0% 6.0% Present value of a single sum for five periods .88385 .86261 .78353 .74726 Present value of a single sum for 10 periods .78120 .74409 .61391 .55839 Present value of an annuity for five periods 4.64583 4.57971 4.32948 4.21236 Present value of an annuity for 10 periods 8.75206 8.53020 7.72173 7.36009 (Points : 5) $5,000,000 $5,216,494 $5,218,809 $5,217,308 0 1388776330 MultipleChoice 38 Question 14. 14. (TCO D) A company issues $5,000,000, 7.8%, 20-year bonds to yield 8% on January 1, 2010. Interest is paid on June 30 and December 31. The proceeds from the bonds are $4,901,036. Using effective-interest amortization, how much interest expense will be recognized in 2010? (Points : 5) $195,000 $390,000 $392,124 $392,083 0 1388776331 MultipleChoice 40 Question 15. 15. (TCO D) On January 1, Patterson, Inc. issued $5,000,000, 9% bonds for $4,695,000. The market rate of interest for these bonds is 10%. Interest is payable annually on December 31. Patterson uses the effective-interest method of amortizing bond discount. At the end of the first year, Patterson should report unamortized bond discount of (Points : 5) $274,500 $285,500 $258,050 $255,000 0 1388776332 MultipleChoice 45 Page 1 False rldbqn=1 139638295 78886399 1 MultipleSections NavigateFreely False MultipleChoice 8 False /main/ CourseMod 0 1388776320 Question 4. 4. (TCO C) Danks Corporation purchased a patent for $450,000 on September 1, 2008. It had a useful life of 10 years. On January 1, 2010, Danks spent $110,000 to successfully defend the patent in a lawsuit. Danks feels that as of that date, the remaining useful life is 5 years. What amount should be reported for patent amortization expense for 2010? (Points : 5) $103,000. $100,000. $94,000. $78,000. 0 1388776321 MultipleChoice 10 Question 5. 5. (TCO C) MaBelle Corporation incurred the following costs in 2010: Acquisition of R & D equipment with a useful life of 4 years in R & D projects $600,000 Start-up costs incurred when opening a new plant 140,000 Advertising expense to introduce a new product 700,000 Engineering costs incurred to advance a product to full production stage 350,000 What amount should MaBelle record as research and development expense in 2010? $500,000 $640,000 $950,000 $1,340,000 (Points : 5) 0 1388776322 MultipleChoice 15 0 1388776325 MultipleChoice 23 Question 9. 9. (TCO D) Stine Co. is a retail store operating in a state with a 6% retail sales tax. The retailer may keep 2% of the sales tax collected. Stine Co. records the sales tax in the Sales account. The amount recorded in the Sales account during May was $148,400. The amount of sales taxes (to the nearest dollar) for May is $8,726. (Points : 5) $8,400. $8,904. $9,438. 0 1388776326 MultipleChoice 26 0 1388776329 MultipleChoice 35 Question 13. 13. (TCO D) Downing Company issues $5,000,000, 6%, 5-year bonds dated January 1, 2010 on January 1, 2010. The bonds pay interest semiannually on June 30 and December 31. The bonds are issued to yield 5%. What are the proceeds from the bond issue? 2.5% 3.0% 5.0% 6.0% Present value of a single sum for five periods .88385 .86261 .78353 .74726 Present value of a single sum for 10 periods .78120 .74409 .61391 .55839 Present value of an annuity for five periods 4.64583 4.57971 4.32948 4.21236 Present value of an annuity for 10 periods 8.75206 8.53020 7.72173 7.36009 (Points : 5) $5,000,000 $5,216,494 $5,218,809 $5,217,308 0 1388776330 MultipleChoice 38 Question 14. 14. (TCO D) A company issues $5,000,000, 7.8%, 20-year bonds to yield 8% on January 1, 2010. Interest is paid on June 30 and December 31. The proceeds from the bonds are $4,901,036. Using effective-interest amortization, how much interest expense will be recognized in 2010? (Points : 5) $195,000 $390,000 $392,124 $392,083 0 1388776331 MultipleChoice 40 Question 15. 15. (TCO D) On January 1, Patterson, Inc. issued $5,000,000, 9% bonds for $4,695,000. The market rate of interest for these bonds is 10%. Interest is payable annually on December 31. Patterson uses the effective-interest method of amortizing bond discount. At the end of the first year, Patterson should report unamortized bond discount of (Points : 5) $274,500 $285,500 $258,050 $255,000 0 1388776332 MultipleChoice 45