Which of the following statements is true regarding the amortization of intangible assets?(LO7-5)a. Intangible assets with a limited useful life are not amortized. b. The useful life of an intangible asset is always equal to its legal life. c. The expected residual value of most intangible assets is zero. d. In recording amortization, Accumulated Amortization is always credited. 11. Equipment originally costing $95,000 has accumulated depreciation of $30,000. If the equipment is sold for$55,000, the company should record (Lo7-6) a. No gain or loss. b. A gain of $10,000. C. A loss of $10,000. d. A loss of $40,000. In early January 2017, New Tech purchases computer equipment for $154,000 to use in operating activities for the next four years. lt estimates the equipment's salvage value at $25,000. Prepare a table showina depreciation and book value for each of the four vears assuming double. declining-balance depreciation. Double entry-1Oki Company pays $264,000 for equipment expected to last four years and have a $29,000 salvage value. Prepare journal entries to record the following costs related to the equipment. 1.During the second year of the equipment's life, $22,000 cash is paid for a new component expected to increase the equipment's productivity by 10% a year. 2. During the third year, $6,250 cash is paid for normal repairs necessary to keep the equipment in good working order. 3. During the fourth year, $14,870 is paid for repairs expected to increase the useful life of the equipment from four to five years.