Intangible asset; net plant, property & euqipment; EPS; net income

7. An intangible asset
A. may have the capacity to earn revenue for its owner.
B. is worthless because it has no physical substance.
C. is converted into a tangible asset during the operating cycle.
D. cannot be reported on the balance sheet because it lacks physical substance.

8. These are selected account balances on December 31, 2007.
-Land (location of the corporation's office building) $50,000
-Land (held for future use) 75,000
-Corporate Office Building 300,000
-Inventory 100,000
-Equipment 225,000
-Office Furniture 50,000
-Accumulated Depreciation 150,000

What is the total NET amount of property, plant, and equipment that will appear on the balance sheet?
A. $650,000
B. $550,000
C. $475,000
D. $800,000

9. For 2007 Landford Corporation reported net income of $30,000; net sales $400,000; and average share outstanding 6,000. There were no preferred stock dividends. What was the 2007 earnings per share?
A. $4.66
B. $0.20
C. $66.67
D. $5.00

10. (TCO B) Liondale Corporation had beginning retained earnings of $2,292,000 and ending retained earnings of $2,499,000. During the year, they issued common stock totaling $141,000. There were no dividends issued. What was their net income for the year?
$ 66,000