ACC 304 All Assignments ACC 304 All Assignments | Page 20

16) In accounting for internally generated intangible assets, U.S. GAAP
requires that
17) One factor that is not considered in determining the useful life of
an intangible asset is
18) In 2015, Edwards Corporation incurred research and development
costs as follows:
Materials and equipment
Personnel
$110,000
130,000
Indirect costs 150,000
$390,000
These costs relate to a product that will be marketed in 2016. It is
estimated that these costs will be recouped by December 31, 2018. The
equipment has no alternative future use. What is the amount of
research and development costs that should be expensed in 2015?
19) The carrying value of an intangible is
20) Under current accounting practice, intangible assets are classified
as