MC Qu. 08-18 Which of the following statements... Which of the following statements regarding intangibles assets is not correct? Multiple Choice O Intangibles generally have no value at the end of their useful lives. O Nearly all intangible assets must be purchased in order to be recorded as an asset on the statement of financial position. O Amortization is similar to depreciation except that amortization is applied to intangible assets and depreciation is applied to tangible assets. O The excess of the purchase price of a business over the value of its net identifiable assets is referred to as a gain on purchase of a business.Which of the following statements regarding impairment losses is not correct? Multiple Choice O Impairment losses are grouped together with depreciation expense and reported as a single item on the statement of earnings. O An impairment loss occurs when the recoverable amount of an asset falls below its carrying amount. O The amount of the write-down, if any, is referred to as an impairment loss. O If an asset's recoverable amount is less than its carrying amount, the carrying amount should be written down to what the asset is worth (i.e., its recoverable amount).Revenue expenditures are expenditures that provide benefits during the current accounting period only. True or False True FalseCarleton Corporation, which uses a calendar year fiscal year, purchased a piece of equipment for 550.000 on January 3. 2017. It estimates the equipment will have an estimated useful life of 8 years and a $4.000 residual value. The equipment Is used to produce 200,000 units during its useful life. The actual number of units produced was 20,000 during 2016: 33.000 during 201B:18.000 during 2019; and 28,000 during 2020. Using the units-af- production method, what is the accumulated depreciation at December 31. 2020'? Multlple Chnlce 0 525250 $24,750 0 0 $22,770 0 $22 .230 The depreciation conformity rule requires companies to use the same depreciation method for financial reporting and tax return purposes. True or False True False