15. Which of the following is not true of intangible assets? a. They Lack physical existence. b. They are not financial instruments c. They are long-lived and amortize. d. They are not shown on the balance sheet 16. Which of the following is an intangible asset? a. Equipment. b. Research and Development expenditures. C. Copyright d. Farm land 17. Sue Company incurred research and development costs of $300,000 and legal fees of $10,000 to register a patent. The patent has a legal life of 10 years and a useful life of 5 years. What amount should Sue record as patent amortization expense in the first year? a. $60,000 b. $31,000 c. $1,000 d. $2,000 18. The following information is available for a Company's patents: Cost Carrying amount (book value) 4,500,000 Undiscounted future cash flows 3,150,000 Fair value or market value 2,500,000 $5,350,000 Regarding the patent, the company would record a loss on impairment of a. $ 1,600,000. b. $ 2,000,000. c. 300,000, d. 1,900,000. 19. George Corporation acquired Martin Plc on January 1, 2018 for $4,800,000, and recorded book value of goodwill of $700,000 as a result of that purchase. At December 31, 2018, Martin Plc had a fair value of $3,500,000 (including goodwill). The net identifable assets of the Martin Plc (excluding goodwill) had a fair value of $3,200,000 at that time. What amount of loss on impairment of goodwill should Martin record in 2018? a. $400,000 b. $1,600,000 c. $600,000 d. $300,000 20. Which of the following assets amortize? a. Patents b. Equipment c. Land d. Building