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Question 17 On January 1, 2020, Van Eli Company purchases a machine with a useful life of 8 years for $70,000. The estimated salvage value is $6,000. Van Eli uses the straight-line method. The book value of the machine on December 31, 2020 is $56,000 O $70,000 O $64.000 $62.000 Previous fm Question 20 3 Which of the following is the proper accounting treatment for research and development costs that results in a successful patent? All research and development costs are capitalized and amortized over a period of 20 years or less. Research and development costs must be expensed. All research and development costs are capitalized and amortized over a period of 70 years or less. Research and development costs related to the paten must be capitalized and expensed over the useful life of the patent Next Day