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$11.$If a company incurs legal costs in successfully defending its Copyright, these costs are recorded by debiting

A$)$ Legal Expense.

B$)$ an Intangible Loss account.

C$)$ the Copyright account.

D$)$ a revenue expenditure account.

$12.$ Which of the following assets does not decline in value over the course of its useful life?

A$).$ Equipment

B$).$

Furnishings

C$).$

Land

D$).$ Fixtures

$13.$ Which of the following is NOT considered a plant asset?

A$)$ Patent

B$)$ Building

C$)$ Land

D$)$ Equipment

$14.$ The United Shipping Co$.$ borrowed $$25,000$ at $12\%$ interest on March $1,2015.$ The note is to be repaid in full, with interest, six months later. If United Shipping prepares monthly financial statement, which of the following is included as part of the March $31$ adjusting entry?

A$).$Debit Interest Expense $$250.$

B$).$Credit Interest

Payable $$2,500.$

C$).$Debit Interest Payable $$250.$

D$).$Debit Interest

Receivable $$250.$

$15.$ Purdum Farms borrowed $$10$ million by signing a five$-$year note on December $31,2013.$ Repayments of the principal are payable annually in installments of $$2$ million each. What amount will be reported as current and long$-$term liabilities, respectively, at December $31,2013?$

A$).$ $$2$ million in current liabilities and $$10$ million in longterm liabilities

B$).$ $$2$ million in current liabilities and $$8$ million in longterm liabilities

C$).$Zero in current liabilities and $$8$ million in long$-$term liabilities

D$).$Zero in current liabilities and $$10$ million in long$-$term liabilities

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