1. (T/F) Impairment testing is conducted annually for both limited-life and indefinite-life intangible assets.

2. 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?

3. 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?

4. (T/F) All research phase and development phase costs are expensed as incurred.