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Question 34 (1 point) On October 1, 2018, Benji Corporation purchased a copyright for $100,000
Question 34 (1 point) On October 1, 2018, Benji Corporation purchased a copyright for $100,000. It is estimated that the copyright will have a useful life of 8 years with no residual value. The amount of amortization expense recognized for the calendar year 2018 would be
0 1) $0. 0 2) $3,125. 0 3) $1,042. 0 4) $100,000.
Question 35 (1 point) Goodwill
0 1) can be recorded when generated internally. 0 2) can be subdivided and sold in parts. 0 3) can only be identified with the business as a whole. 0 4) need not be tested annually for impairment.
Expert Solution
34) Computation of Amount of Amortization Expenses recognized for the Calendar Year 2018:
Amount of Amortization Expenses = (Initial Value - Residual Value)/Useful Life of Asset
= ($100,000-0)/8*3/12
= $12,500*3/12
= $3,125
So, the correct option is 2nd "$3,125".
35) The correct option is 3rd "can only be identified with the business as a whole".
Goodwill can only be identified with the business as a whole
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