Question 7 Not yet answered Rich Corporation purchased a limited life intangible asset for $270,000 on May 1, 2013. It has a useful life of 10 years. What total amount of amortization expense should have been recorded on the intangible asset by December 31, 2015? Marked out of 1.00 P Flag question Select one: a. $54,000 b. $ -0- C. $81,000 d. $72,000 Which of the following is not a major characteristic of a plant asset? Select one: a. Long-term in nature b. Acquired for resale c. Possesses physical substance d. Acquired for use