wiley plus

Match the statement with the term most directly associated with it.

1. Research and Development CostsAmortizationFranchiseGoodwillIntangible Assets Rights, privileges, and competitive advantages that result from the ownership of long-lived assets that do not possess physical substance. 2. FranchiseGoodwillIntangible AssetsResearch and Development CostsAmortization The allocation of the cost of an intangible asset to expense in a rational and systematic manner. 3. AmortizationResearch and Development CostsIntangible AssetsGoodwillFranchise A right to sell certain products or services, or use certain trademarks or trade names within a designated geographic area. 4. AmortizationResearch and Development CostsFranchiseIntangible AssetsGoodwill Costs incurred by a company that often lead to patents or new products. These costs must be expensed as incurred. 5. FranchiseGoodwillIntangible AssetsResearch and Development CostsAmortization The excess of the cost of a company over the fair value of the net assets required.

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(c)

Record entries for the disposal under the following assumptions. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)

(a) It was scrapped as having no value.
(b) It was sold for $37,000.
(c) It was sold for $20,000.

No.

Account Titles and Explanation

Debit

Credit

(a)

(b)

(c)