part 1:

first blank: long-lived or short-lived

second blank: inclusive or exclusive

third blank: specific period or unlimited

fourth blank: purchasing or selling

fifth blank: cost value or fair value

sixth blank: a finite or an indefinite

seventh blank: a finite or an indefinite

eight blank: 20 years or its cost or its useful life

ninth blank: double diminishing balance method or straight-line method or units or production method

part 2: Debit: accumulated amortization or amortization expense or goodwill or impairment of goodwill or patent

credit: accumulated amortization or amortization expense or goodwill or impairment of goodwill or patent

part 3:

first blank: changes, unless or does not change when or does not change unless

second blank: equal to or less than or greater than

third blank: annually or periodically or monthly

fourth blank: equal to or less than or greater than

part 4:

debit: accumulated amortization or amortization expense or goodwill or impairment of goodwill or patent

credit: accumulated amortization or amortization expense or goodwill or impairment of goodwill or patent

Define patents and goodwill, which are both intangible assets. Explain how the accounting differs between a patent and goodwill. Patents and goodwill are both assets. A patent provides the right to make use of an invention or process for a of time, usually 20 years. Goodwill is the excess of cost of another company over the sum of the of its net asset. A patent has life, which may be measured, goodwill has life. A patent is amortized over . Amortization is usually computed using the The amortization is recorded as: Debit Credit XX XX the carrying amount. IFRS requires that companies review the value of their goodwill The value of goodwill it is impaired. Impairment results when the recoverable amount for the goodwill is and write down the value of the goodwill if it is the carrying amount. The write down is recorded as: Debit Credit XX XX