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Questions -
Q1. (T/F) Impairment testing is conducted annually for both limited-life and indefinite-life intangible assets.
Q2. On May1, 2022, Berserk. bought a trademark from Royce, Inc. for $600,000. An independent research company estimated that the remaining useful life of the trademark was 6 years. On Berserk's 2022 income statement, what amount should be reported as amortization expense?
Q3. On May1, 2022, Berserk. bought a trademark from Royce, Inc. for $600,000. An independent research company estimated that the remaining useful life of the trademark was 6 years. On Berserk's 2023 Financial position statement, what amount should be reported as Intangible asset?
Q4. (T/F) All research phase and development phase costs are expensed as incurred.
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