The Noyce Company was involved in the following transactions:

(a) Purchased a patent from another company

(b) Developed a design for a new type of machine for use in its production process

(c) Purchased a franchise for exclusive regional sale of a product

(d) Obtained a trademark on a new product

(e) Developed an advertising campaign for a new product

(f) Purchased another company for more than the market value of its identifiable net assets Required: (1) Explain whether the company should record an intangible asset for each of the preceding items. If not, how would it record each item? (2) For each item recorded as an intangible asset, indicate the maximum life over which the company may amortize it.