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Unformatted text preview: • No Accumulated Amortization account • Indefinite Lives Not amortized Tested annually for loss in value Specific Intangibles Patents Federal grants that give holder exclusive right to produce and sell an invention for 20 years Copyrights Exclusive right to sell a book, music, file or other work of art; lasts for the life of the author + 70 years Trademarks & Trade Names Distinctive identification of product or service; a logo or catch phrase Franchises & Licenses Right to sell a product or service with specific Conditions, such as chain restaurants...
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