1. On the first day of its current fiscal year, Goff Co. received a patent having an estimated useful life of 10 years. Goff had incurred research and development costs totaling $100,000 related to the patent. Costs associated with registration of the patent equaled $20,000. For the current fiscal year, Goff should appropriately report straight-line patent amortization expense of

a. $12,000

b. $10,000

c. $2,000

d. $1,000

2. According to U.S. GAAP, restorations of carrying value for long-lived assets held for use are permitted if an asset's fair value increases subsequent to recording an impairment loss for which of the following?

a. Yes

b. No