The average cost to create a legal business entity is ________. A. $2,000 B. $5,000 C. $500 D. $1,000
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Hickory Co made a lump sum purchase of three pieces of machinery for $65,000. At the time of acquisition, Hickory paid $2,500 for an appraisal to determine the appraised value of the machinery. (These costs were necessary to complete the purchase.) The appraisal disclosed the following values: Machine A: $35,000 Machine B: $21,000 Machine C: $14,000 What costs should Hickory assign to Machines A, B, and C, respectively? $31,250 (A), $18,750 (B), and $12,500 (C) $35,000 (A), $21,000 (B), and $14,000 (C) $33,750 (A), $20,250 (B), and $13,500 (C) $32,500 (A), $19,500 (B), and $13,000 (C) QUESTION 13 Identify how the following item should be recognized: Legal costs incurred for an outside counsel to register a patent, which was purchased. Goodwill Expensed Intangible asset with a finite life
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QUESTION 4 of 10: The Small Business Administration guarantees some loans. The fee for this can range up to 3.75%. On a $1m business loan, how high could the fee be? a) $30,500 b) $33,000 c) $36,000 d) $37,500
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Emerald Corporation, a calendar year C corporation, was formed and began operations on July 1, 2010. The following expenses were incurred during the first tax year (July 1 through Dec. 31, 2010) of operations: Expenses of temporary directors and of organizational meetings: $9,000 Fee paid to the state of incorporation: $1,000 Accounting services incident to organization: $2,500 Legal services for drafting the corporation charter and bylaws: $3,500 Expenses incident to the printing and sale of stock certificates: $4,000 Assuming a §248 election (tax code), what is Emerald's deduction for organizational expenditures for 2010? a. $0 b. $10,333 c. $5,367 d. $10,200 e. none of the above.
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