Question 13 Merck Pharmaceutical Company has many scientists working in their labs trying to develop a new drug to treat congestive heart failure. Following U.S. Generally Accepted Accounting Principles the cost of this research and development must be: expensed as incurred recorded as an intangible asset and amortized over the lesser of 20 years or the usetul life recorded as an intangible asset and tested for impairment on a yearly basis O recorded as an intangible asset and not amortized. recorded as an intangible asset and amortized over 20 years