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38. Hastings Company created a product and filed for a patent, spending $12,000 to do so. The patent was given a legal life of 6 years. In Year 3, Hastings is sued by an inventor claiming that the patent is hers. On January 1, Year 4, Hastings receives notice that it has won the lawsuit, but it spent $300,000 in legal fees. Assuming that the legal life of the patent has not changed, which of the following would be the amortization expense calculated at the end of Year 4? a. $2,000 b. $120,000 c. $52,000 d. $102,000 e. $104,000 39. Which of the following is a reason for a company's intangible assets figures to grow to incredible size? a. Internally developed copyrights and patents b. Increase in the fair value of the intangibles assets held by a company c. Copyrights and patents acquired from outside owners d. Purchase of intangible assets with legal life exceeding 15 years e. Increase in contingent liabilitiestin a year 40. When one company purchases another company, acquired assets are reported at: a lower of cost or fair value. b. book value of the asset in the subsidiary company. c. pre-determined value set by the management of parent company. d. fair value of those assets. e historical cost of the asset. 41. Which of the following is one of the criteria required to recognize intangible assets? a. The intangible cannot be separated from the subsidiary and sold. b. Contractual or other legal rights have been gained. c. The intangible should have a minimum useful life of 10 years. d. Fair value of the intangible should be more than its book value. e. The intangible should not suffer from impairment. 42. The amount that an acquiring company pays over and above the fair values of the net assets of the company being acquired is classified as a. Amortization b. Goodness c. Goodwill d. Excess e. Trademark