2. Research and development is an internally developed intangible asset that should be a. capitalized and amortized over its finite life. b. capitalized and reviewed for impairment over its indefinite life. c. expensed as incurred. d. treated differently from any of these choices. 3. When a patent has a book value of $75,000 on the company's books, the company estimates that the future cash flows from the patent are $45,000. The present value of the expected future cash flows is $30,000. The company should record a journal entry that a. debits Loss on Impairment for $45,000. b. credits Loss on Impairment for $30,000. c. debits Patent for $45,000. d. credits Patent for $30,000. 2. Software development costs are a. treated as R&D expense until the technological feasibility of the product is established. b. capitalized from the point of technological feasibility until the product is available for general release to customers. c. expensed as incurred after the product is ready for general release to customers. d. all of these choices 1. Internally developed goodwill results from a. product quality. b. effective marketing. c. positive customer relations. d. all of these choices