State whether each of the following statements is true or false.

True False

$1.$ Impairment testing is conducted annually for both limited$$life and

indefinite$-$life intangible assets.

$2.$ Limited$-$life intangibles are amortized by systematic charges to

expense over their useful life.

$3.$ If the recoverable amount of an indefinite$-$life intangible other than

goodwill is less than it carrying value, an impairment loss

must be recognized.

$4.$ A recovery of impairment for an intangible long$-$lived asset is

limited to the carrying value that would have been reported had the

impairment not occurred.

$5.$ The Unrealized Holding Gain or Loss$$Income account is reported

in the other income and expense section of the income

statement

$6.$ Companies measure debt investments at fair value if the objective of

the company$$s business model is to hold the financial asset

to collect the contractual cash flows.

$7.$ The gain on sale of debt investments is the excess of the selling

price over the fair value of the bonds

$8.$ Amortized cost is the initial recognition amount of the investment

minus cumulative amortization

$9.$ Research and development costs are recorded as an intangible asset

if it is felt they will provide economic benefits in future years.

$10.$ Companies measure debt investments at fair value if the objective

of the company$$s business model is to hold the financial asset to

collect the contractual cash flows