Multiple Choice Question 188 Copyrights are granted by the federal government for the life of the creator plus 70 years. for the life of the creator or 70 years, whichever is shorter. and therefore cannot be amortized. for the life of the creator or 70 years, whichever is longer. Multiple Choice Question 159 A loss on disposal of a plant asset is reported in the financial statements in the Other Revenues and Gains section of the income statement. in the Other Expenses and Losses section of the income statement. as a direct decrease to the capital account on the balance sheet. as a direct increase to the capital account on the balance sheet.Multiple Choice Question 162 Morton?s Courier Service recorded a loss of $4,500 when it sold a van that originally cost $42,000 for $7,500. Accumulated depreciation on the van must have been $30,000. $37,500. $12,000. $39,000. Multiple Choice Question 186 A patent can be renewed indefinitely. has a legal life of 20 years. is not amortized. is rarely subject to litigation because it is an exclusive right.Multiple Choice Question 201 A company has the following assets: Buildings and Equipment, less accumulated depreciation of $5,000,000 $30,000,000 Copyrights 2,400,000 Patents 10,000,000 Land 12,000,000 The total amount reported under Property, Plant, and Equipment would be $44,400,000. $54,400,000. $42,000,000. $52,000,000.Multiple Choice Question 141 All of the following are factors that a company should consider before a write-down impairment of an asset is recorded except market trends. obsolescence of the asset. company profits. an appraisal of the asset. Multiple Choice Question 87 When estimating the useful life of an asset, accountants do not consider expected repairs and maintenance. the cost to replace the asset at the end of its useful life. vulnerability to obsolescence. the intended use of the asset