Help Save & E 20 Bricktown Exchange purchases a copyright for $50,000. The copyright has a remaining legal life of 25 years, but only an expected useful life of five years with no residual value. Assume the company uses the straight-line method to record amortization What is the carrying value of the copyright at the end of the first year? Multiple Choice $0. $40,000 $50,000 O $10,000 Which of the following are employer payroll costs? 21 I. FICA taxes. II. Federal and state unemployment taxes. III. Federal and state income taxes. IV. Employer contributions to a retirement plan. Multiple Choice I, III, and IV II and III I, II, and IV I and IV On May 1, Ace Bonding Company purchased inventory costing $2,000 on account with terms 2/10, 1/30. On May 18, Ace pays for this inventory and records which of the following using a periodic inventory system? 22 1. 2,000 2,000 2. 1,960 40 2,000 Accounts Payable Cash Accounts Payable Purchase Discounts Cash Accounts Payable Purchase Discounts Cash Cash Accounts Payable 3. 2,000 40 1,960 2,000 4 2,000 Multiple Choice Option 3 O Option 2 O Option 1 22 24 Next >