52. The cost of successfully defending a patent in an infringement suit should be a. charged to Legal Expenses. b. deducted from the book value of the patent c. added to the patents account. d. recognized as a loss in the current period. 53. Which of the following is not considered an intangible asset? a Goodwill, b. An oil well. c. A franchise d. A patent 54 Cost allocation of an intangible asset is referred to as a. amortization. b. depreciation. c. accretion. d. capitalization. 55 Liabilities are classified on the balance sheet as current or a. deferred. b. unearned c. long-term d. accrued 56. Which of the following most likely would be classified as a current liability? a Dividends payable b. Bonds payable in 5 years c. Three-year notes payable d. Mortgage payable as a single payment in 10 years 57. Current liabilities are due a. but not receivable for more than one year. b. but not payable for more than one year. c. and receivable within one year. d. and payable within one year. 58. Sales taxes collected by a retailer are recorded by a. crediting Sales Tax Revenue. b. debiting Sales Tax Expense. c. crediting Sales Taxes Payable. d. debiting Sales Taxes Payable.