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College Accounting, Chapters 1-27

23rd Edition
HEINTZ + 1 other
ISBN: 9781337794756

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BuyFindarrow_forward

College Accounting, Chapters 1-27

23rd Edition
HEINTZ + 1 other
ISBN: 9781337794756
Textbook Problem

Which of these is granted for life plus 70 years after the death of the holder?

  1. (a) patent
  2. (b) mineral rights
  3. (c) copyright
  4. (d) trademark

To determine

Find the correct option that indicates the intangible asset that is granted 70 years of useful life, after the death of the holder.

Explanation

Copyright: Copyright is the legal right granted by the writers, musicians, artists, and owners to recreate, or develop their original work. In simple words, it is right to copy.

Justification for correct answer: Copyright is the long-term intangible asset that is granted 70 years of life, after the death of the holder. Hence, option (c) is correct.

Justification for incorrect answers:

  • Patent is either amortized over its legal life or economic life whichever is shorter. Hence, option (a) is incorrect...

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