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Differentiate between limited-life and indefinite life intangible assets. What is the appropriate treatment (i.e., journal entry and calculation of impairment) for recognizing the impairment of

 Differentiate between limited-life and indefinite life intangible assets. What is the appropriate treatment (i.e., journal entry and calculation of impairment) for recognizing the impairment of an intangible asset? Discuss goodwill and the steps to evaluate it for impairment.

Describe research and development costs and explain the accounting treatment.

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