The exclusive right to display a symbol of product identification is a: A. Patent. B. Copyright. C. Trademark. D. Franchise In accounting, goodwill A. May be recorded when a company purchases another company B. may be recorded when a company's level of net income exceeds the industry average C. must be expensed in the period when it is acquired D. may be recorded whenever a company decides to. JCP Incorporated sold some office equipment for $58,000 on December 31, 2010. The journal entry to record the sale would include which of the following if the original cost of the equipment was $80,000 with a residual value of $15,000 and a useful life of 10 years? Assume the machine was purchased on January 1, 2007 and depreciated using the straight-line method. A. Gain of $2,000 B. Loss of $6,000 C. Gain of $24,000 D. Gain of $4,000 Gains on the sale of fixed assets for cash: A. Are the excess of the carrying value over the cash proceeds. B. Are recorded as a debit. C. Are reported on a net-of-tax basis if material. D. Are the excess of the cash received over the book value of the assets. Sherry Co. purchases a piece of equipment on January 1, 2015, for $40,000 and the equipment has an expected useful life of ten years. Its residual value is estimated be $4,000. Assuming Sherry Co. uses double-declining balance depreciation method, what is the book value of the equipment for 2016? Note that this is at the end of the second year of the asset's life. A. $25, 600 B. $36,000 C. $32,000 D. $30,000