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Stut Question 23 2 points ABC Corporation sells just one product. At the end of...

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Accounting

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Stut Question 23 2 points ABC Corporation sells just one product. At the end of fiscal year 2017. ABC applies the lower-of-cost-or market (LCM) rule and write down the value of inventory from historical cost of $10,000 to current market value of 59,700. Which of the following will result from this write-down? a. Mastro's owners equity decreases by 5300. b. Mastro's total assets decrease by 5300. c. Mastro's gross profit remains the same. d. Both a and bare true. Which of the following statements is false regarding intangible assets? a. Purchased intangibles are recorded as assets for the amount paid to acquire them. b. The cost of Internally developed intangibles should be should be recorded as research and development (R&D) expense. c. Intangibles with an indefinite life should be written off to expense when acquired. d. Intangibles with a finite life should be amortized on a straight-line basis

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