1. The balance sheet reports the net value ( book value) of the equipment. The book value of the equipment is______________.

Select one or more:

a. The original cost of the asset

b. The original cost of the asset less the depreciation cost of current year  

c. The original cost of the asset less its accumulated depreciation

d. The accumulated depreciation on the asset

2.Goodwill is:

Select one or more:

a. Can be developed internally

b. Need to be amortized in twenty years

c. Recorded at the value of purchase price less the fair value of the identifiable net asset

d. Recorded by the business seller