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ACC2002 Final - ACC2002 Final Exam Name#1_c a b c d Costs...

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ACC2002 Final Exam Name _______________________________________________________ #1.__c__ Costs incurred internally to create intangibles are a. capitalized. b. capitalized if they have an indefinite life. c. expensed as incurred. d. expensed only if they have a limited life. #2.__c__ Broadway Corporation was granted a patent on a product on January 1, 1998. To protect its patent, the corporation purchased on January 1, 2009 a patent on a competing product which was originally issued on January 10, 2005. Because of its unique plant, Broadway Corporation does not feel the competing patent can be used in producing a product. The cost of the competing patent should be #3.___d_ Which of the following is considered research and development costs? #4.___c__ Jeff Corporation purchased a limited-life intangible asset for $120,000 on May 1, 2008. It has a useful life of 10 years. What total amount of amortization expense should have been recorded on the intangible asset by December 31, 2010? (120.000 ÷ 10)x 2 2/3 = 32.000
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