34.Statement 1: When amortizing intangible assets, residual value is normally disregarded unless the entity can reasonably expect, and had the ability, to sell the intangible asset at the end of its useful life.

Statement 2: Trademarks are more commonly accounted for as intangible assets with indefinite useful life. Therefore, they are not amortized but tested for impairment at least annually.

TRUE, FALSE

TRUE, TRUE

FALSE, FALSE

FALSE, TRUE