27. A plant asset originally cost $64,000 and was estimated to have a $4,000 salvage value at the end of its 5-year useful life. If at the end of three years, the asset was sold for $12,000, and had accumulated depreciation recorded of $36,000, the company should recognize a ______________ on disposal in the amount of $____________.

28. The cost of a patent should be amortized over its __________________ life or its _______________ life, whichever is shorter.

29. In recording the purchase of a business, goodwill should be recorded for the excess of ________________ over the _________________ of the net assets acquired.

30. The process of allocating to expense the cost of an asset over its useful life is called __________________ for tangible plant assets and __________________ for intangible assets.