Classify each of the following statements as being true or false:

A company can use the group method of depreciation in order to calculate depreciation for a combined set of dissimilar assets. $[$ Select $]["$True$",$ "False"$]$

In general, long$-$lived assets are immaterial line items on the balance sheets of manufacturing companies. $[$ Select $]["$True$",$ "False"$]$

If Stella Corp. makes a payment to a construction company on July $1,2032,$ and the construction is completed on October $31,2032,$ then the payment is outstanding for $4$ months. $[$ Select $]["$True$",$ "False"$]$

Nora Company has a piece of equipment that is being evaluated for impairment. The equipment has expected future cash flows $($undiscounted$)$ of $$450,000,$ and its book value is $$300,000.$ The equipment should not be impaired. $[$ Select $]["$True$",$ "False"$]$

A patent will be amortized over the shorter of its legal life or useful life. $[$ Select $]["$True$",$ "False"$]$

Under goodwill impairment testing, the impairment loss cannot exceed the book value of goodwill