Which of the following terms represents the maximum number of shares that a company may issue and that is not used in any equity-related calculations? Outstanding Shares Treasury Stock Authorized Shares Issued Shares A contingent liability: Is a potential obligation that depends on a future event arising out of a past transaction or event Is never recorded Is always assigned an amount Always requires future payment Which of the following is true regarding the straight-line and declining balance methods of depreciation: When the asset is fully depreciated, the net book value will be the same under each method The declining balance method results in more depreciation expense over the life of the asset There is no benefit for a company to use the declining balance depreciation method The straight-line method results in less depreciation expense over the life of the asset Buyer Co. acquired the assets and assumed the liabilities of Seller Co. The fair market value of Seller Co's assets were $450,000, and liabilities were valued at $200,000. Buyer Co. paid $300,000 to purchase Seller Co. How much goodwill was generated in this sale? $50,000 $100,000 $0 $250,000