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ACCT 306 Week 4 Midterm Exam NEW 2016 http://www.storehomework.com/product/acct-306-week-4-midterm-exam-new-2016 1. (TCO 4)In the first year of an asset's life, which of the following methods has the smallest depreciation? 2. (TCO 4)Depletion refers to the cost allocation for: 3. (TCO 4)Depreciation, depletion, and amortization 4. (TCO 4)Cutter Enterprises purchased equipment for $72,000 on January 1, 2011. The equipment is expected to have a five-year life and a residual value of $6,000. Using the straight-line method, the book value at December 31, 2011 would be 5. (TCO 4)A change from the straight-line method to the sum-of-years'-digits method of depreciation is handled as page 2 1. (TCO 2) The exclusive right to display a symbol of product identification is a 2. (TCO 2) Lake Incorporated purchased all of the outstanding stock of Huron Company paying $950,000 cash. Lake assumed all of the liabilities of Huron. Book values and fair values of acquired assets and liabilities were 3. (TCO 2) Research and development (R&D) costs: 4. (TCO 2) Under U.S. GAAP, research expenditures are: 5. (TCO 2) Goodwill is: