Which of the following statements is incorrect?
A)A copyright has a legal life not exceeding 70 years after the author's death.
B)A trademark is recorded on the balance sheet at an amount equal to the related research and development costs incurred.
C)A patent's legal life is 20 years.
D)A franchise's amortization period is determined by the franchise agreement.

Question

Quizplus · Accepted Answer

Trademarks are not recorded on the balance sheet at an amount equal to the related research and development costs incurred. Trademarks are usually recorded at their acquisition cost or fair value, whichever is more reliably measurable.

Which of the Following Statements Is Incorrect