D Question 19 Which statement below regarding the accounting for intangible assets is correct? Patents are amortized over the shorter of their useful life or legal life Research and development costs generally are capitalized and amortired over its use the Amortization of intangible assets is credited to the accumulated Amortization account. The cost of goodwill purchased should be amortized over its useful life. Question 20 Question 20 The Skelton Company purchased a Chick-Fil. A franchise for $1.500.000. The franchise has a legalite per the contractors Skelton Company believes its useful life is 20 years. The franchise has no salvage value. The area on teper te $60,000, $1.500,000 SO $75,000 Question 21 ABC Corporation borrowed $20,000 from Central Bank on a 5-month note payable that washed on 1.200 and is due on April 1.2021. On December 31, 2020, what adjusting entry should ADC Corporation the Debit interest Expense $480 Credit Interest Payable $480, Debit Interest Expense $200: Credit Interest Payable $200. Debit Interest Expense $500: Credit Interest Payable $500 Debit Interest Payable $200; Credit interest Expense 5200 Question 22 DEF Corporation borrowed $50.000 from Fifth Third Bank on a 6-month not able to be rate and is due on June 1, 2021. Assuming the proper adjusting entry for the rest Interest Expense will be reported on the 2021 income statement regarding the notepayable! $4,500 $375 $2250 $1.875 Question 23