Describe the correct answer and defend why it was correct. For instance, the transaction would have increased accounts payable because it increased something the company owed. The accounts payable account is credited because liabilities are increased with a credit entry. For calculation problems enter the calculation leading up to the solution. For more essay type problems refer back to the sources as to why it is correct. 17, Which of the following statements is true regarding the amortization of intangible assets? Selected Answer: XB. The service life of an intangible asset is always equal to its legal life. Answers: A. Intangible assets with a limited useful life are not amortized. . The service 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