A company purchased a machine on January 1 of the current year for $750,000. Calculate the annual depreciation expense for each year of the machine's life (estimated at 5 years or 20,000 hours, with a salvage value of $75,000). During the machine's 5-year life its hourly usage was: 3,000; 4,000; 5,000; and 3,000 hours. Feedback: Straight-line: ($750,000 - $75,000)/5 years = $135,000 per year Units of production: ($750,000 - $75,000)/20,000 hours = $33.75 per hour Double-declining-balance: Year 5 depreciation is $97, 200 - $75,000 = $22, 200 Which one of the following would not be recorded as an intangible asset? Patents Copyrights Internally generated goodwill Franchises