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Which of the following is not an intangible asset? A) A leased delivery truck B) A paten

Which of the following is not an intangible asset? A) A leased delivery truck B) A paten

Which of the following is not an intangible asset?

A) A leased delivery truck

B) A patent

C) A franchise fee

D) Goodwill

12) To record the depletion of natural resources, the most common method is to use units-of-production in determining the amount of depletion.

13) Patents, copyrights, and franchises are intangible assets with the same number of years of useful life.

14) Copyright protection expires upon the author's death.

15) To record depletion of natural resources, the most common method is straight-line amortization.

16) Patents, copyrights, and franchises are intangible assets.

17) The longest time a patent may be amortized is 10 years.

18) Intangible assets are depleted.

19) On January 1, 2014, Mayberry Company bought a patent for $20,000. Its estimated useful life is five years. Record the amortization for the first two years.

20) If a coal deposit has 375,000 tons available and was purchased for $750,000, record the removal of 60,000 tons in year 1 and 80,000 tons in year 2.

Tripti 07-Dec-2019

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