16 & 17

Which of the following properly describes the accounting for a patent? Research and development costs associated with a patent are capitalized. The patent will be amortized over its useful life. Patent amortization expense is accounted for within the accumulated depreciation account. A patent's legal life extends to 70 years after the death of the inventor. Which of the following statements is incorrect? A copyright has a legal life not exceeding 70 years after the author's death. A trademark is recorded on the balance sheet at an amount equal to the related research and development costs incurred. A patent's legal life is 20 years. A franchise's amortization period is determined by the franchise agreement