a. Over what period of time should the cost of a patent acquired by purchase be amortized?

Question:

a. Over what period of time should the cost of a patent acquired by purchase be amortized?
b. In general, what is the required accounting treatment for research and development costs?
c. How should be amortized?

Goodwill
Goodwill is an important concept and terminology in accounting which means good reputation. The word goodwill is used at various places in accounting but it is recognized only at the time of a business combination. There are generally two types of...