Co. paid $68,500 to purchase a goodwill from grocery shop on January 1, 2020. The goodwill .gives Metal Co. a rights to use it for 17 years :Required :Answer the following short questions Is this an intangible asset or not? (1 point) (1 Give justifications for your answer in requirement 1 above? (1 point) (2 If the goodwill is internally generated, how it will be recognized in Metal Co.? (1 point) (3 What is the depreciation method will be used to calculate amortization of goodwill? (1 point) (4 Calculate the amortization expense as of December 31, 2020? (1 point) (5 If the goodwill will be used for unlimited life by Metal Co., calculate the amortization expense? (1 (6 point)