Which of the following statements is true with respect to intangible assets?

Multiple Choice

Intangible assets should be evaluated each year to determine if there has been any impairment in their value.

Intangible assets are expensed to income in the year they are acquired.

Goodwill is an intangible asset that is amortized and tested for impairment.

An intangible asset is recorded at market value when the asset is acquired.

Intangible assets are amortized over a period of 50 years.