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True or False Goodwill has a limited life. Goodwill should be amortized over 52 years Negative goodwill is a loss to the purchaser. Goodwill impairment

True or False

  1. Goodwill has a limited life.
  2. Goodwill should be amortized over 52 years
  3. Negative goodwill is a loss to the purchaser.
  4. Goodwill impairment reversals are not permitted for ASPE and IFRS.
  5. Intangible assets can only be created internally.
  6. Impairment using the rational entity impairment model compares value in use with cost.
  7. Development costs can only be capitalized if six criteria are met, otherwise the costs are expensed as incurred.

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