Which of the following statements is false?

(a) If an intangible asset has a fi nite life, it should be amortized.

(b) The amortization period of an intangible asset can exceed 20 years.

(c) Goodwill is recorded only when a business is purchased.

(d) Research and development costs are expensed when incurred, except when the research and development expenditures result in a successful patent.

AppendixLO1