True/False

1. ____ Typically, intangible assets are shown at their fair value. 2. ____ A patent is an example of an intangible asset. 3. ____ Amortization of intangibles is usually done over the assets legal life. 4. ____ Once a company records goodwill, it will be on the companys books forever because it is not amortized. 5. ____ If an intangible asset is successfully defended from a legal challenge, legal costs may be capitalized to the asset account. 6. ____ When one company acquires another, the acquiring company should continue to report any intangible assets of the purchased company at the same cost used by the purchased company. 7. ____ An intangible asset is a right that helps the owner generate revenues. 8. ____ Research and development costs that help develop successful programs can be capitalized. 9. ____ It is assumed that payments made on a long-term basis include interest. 10. ____ Intangibles purchased from another company are reported at the amount paid for them less any amortization.