22) Goodwill should be recorded as an asset at the time of purchase of another company. The amount of the goodwill is the excess of the cost over the fair value of the identifiable net assets purchased. Internally generated goodwill should be recorded as research and development cost as incurred. (True/False) 23) Depreciation expense, amortization expense of an indefinite life intangible, start-up costs, advertising costs and research and development costs are all expenses shown on an income statement. (True/False) 24) Micro Inc. reported total assets of $3,500,000 and net income of $640,000 for the current year. Micro determined that inventory was overstated by $80,000 at the beginning of the year and $80,000 at the end of the year. What is the corrected amount for net income for the year?