Identify the correct statement regarding indefinite$-$lived intangible assets.

Multiple choice question.

Indefinite$-$lived intangible assets such as goodwill must be amortized over the life of the creator or $50$ years.

Indefinite$-$lived intangible assets such as goodwill must be amortized $40$ years.

Indefinite$-$lived intangible assets must be evaluated for impairment annually or more frequently to determine if they are impaired.

U$.$S$.$ GAAP has a three$-$step process to determine if indefinite$-$lived intangible asset are impaired.