Which of the following assets would be considered an intangible asset? a. oil well b. equipment c. patent d. inventory

Grandfork Company purchased a patent for $32,000 on July 1, 2020. The patent has a life of 8 years, no salvage value. If Grandfork records patent amortization on December 31, 2020, how much Patent Expense will be recorded? a. $32,000 b. $4,000 c. $2,000 d. None of these

Libby Mining purchased an iron mine for $3,000,000. The mine is expected to produce 100,000 tons of iron ore during its life. This year, Libby extracted 20,000 tons of ore. How much depletion expense should Libby record this year? a. $30,000 b. $600,000 c. $3,000,000 d. $300,000

Williams purchased equipment with a cost of $28,000, life of 5 years and salvage value of $3,000. What is the depreciable cost of the equipment? a. $28,000 b. $5,000 c. 25,000 d. $5,000

What is the name of the payroll document published by the Internal Revenue Service that contains the tax rates and withholding information used by payroll managers? a. Your Payroll Pal b. Your Role in Payroll c. Publication 15 Circular E d. 50 Shades of Payroll

Cameron Corp purchased a truck. Which of the following would not be capitalized? a. cost of test runs of the truck b. contract price charged by dealer c. Cost of painting the company name on the truck d. cost of speeding ticket of the truck delivery driver