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(T/F) The cost of a patent should be amortized over its legal life or useful life, whichever is shorter.Select one:TrueFalseThe correct answer is 'True'.
Question Correct8Mark 1.50 out of 1.50Question Correct9Mark 1.50 out of 1.50Question 10CorrectMark 1.50 out of 1.50(T/F) Land improvements are generally charged to the Land account.(T/F) Salvage value is notsubtracted from plant asset cost in determining depreciation expense under the declining-balance method of depreciation.(T / F) If an asset's sales price is greater than book value, the company shows a gain. If sales price is less than book value, the company shows a loss. If sales price equals book value, no gain or loss results.◄ SolutionsJump to...Double Declining Balance Depreciation Example ►