Business Administration - Accounting & Financial Planning ACC220 Study Guide - Midterm Guide: International Financial Reporting Standards, Intangible Asset, Seneca College
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Peter alpaugh, wayne campbell, ramona girdauskas, ebhana hardy-henry, Karen murkar, chair, school of accounting and financial services. Circle the letter next to the best answer or enter your answer in pencil on the grade master card, if supplied. On july 1, 2011, yukon minerals co. purchased the mineral rights to a granite deposit for ,000. It is estimated that the recoverable granite will be 400,000 tonnes. During 2011, 100,000 tonnes of granite was extracted and 60,000 tonnes were sold. The amount of the depreciation expense to be included in cost of goods sold for 2011 would be: If an intangible asset with an indefinite life becomes impaired, the asset must be written up to cost. a. b. written down to fair value. c. sold at its net realizable value. d. No adjustment is required and a loss will be recorded when the intangible asset is sold. be paid immediately. be reclassified as a current liability.
