9. Which of the following does not describe intangible assets? a. They provide long-term benefits. b. They are classified as long-term assets. C. They lack physical existence. d. They are financial instruments. 10. Which of the following costs incurred internally to create an intangible asset is generally expensed? a. Filing costs of intangible. b. Research and development costs. c. Purchase price of intangible. d. Direct lawyer fees. 11. In Feb of 2019, Kay Jewelers signed an agreement to search for gold on a specific plot of land for $7,000. The company paid $4,500 to install search units, elevators, and a trolley system to allow for extraction of the gold. Kay Jewelers is required to restore the land at an estimated cost of $1,000 Kay began searching in July of 2019 and removed 400 tons in 2019 of the total estimated to be collected of 3,125 tons, Kay Jewelers should record depletion expense for 2019 of: a. $ 1,600 b. $ 1,728 c. $ 400 d. $ 2,000 12. Which of the following loss contingent would be recorded on the balance sheet as a liability? a. Environmental liability that has a remote chance of occurring. b. Obligations related to product warranties. c. Possible receipt from a litigation settlement. d. Pending court case with a probable favorable outcome