What is true/false

1.A company can use either the purchase or the pooling method for business combinations.

2. Total revenues for a consolidated entity are calculated by adding the total revenue of the parent for the year and the total revenue of the subsidiary from the date of acquisition, less any intercompany sales.

3. Goodwill is amortized over a period of forty years.

4. Goodwill is classified and included with other intangible assets for purposes of measuring impairment.

5. Intangible assets with indefinite lives are not amortized.

6. The stockholder equity accounts in the consolidated balance sheet are those of the parent company.

7. The effect of unrealized profits and sales between the acquirer and acquiree is classified as an intercompany transaction and must be eliminated.

8. A newly identified intangible asset must meet the contractual legal or the separability criterion to be recognized as an intangible asset at the time of consolidation.