New Ventures Corp Which Statement Is Correct?
A)Both of These Assets Will Have

question 3

Multiple Choice

New Ventures Corp., a publicly accountable entity, capitalized the following costs: $$\begin{array} { | l | r | r | } \hline & \text { Jan 1 - April 30, 2021 } & \text { May 1 - Dec. 31, 2021 } \\\hline \text { Patents } & 10,000 & 12,000 \\\hline \text { Copyrights } & 15,000 & 32,000 \\\hline\end{array}$$ Which statement is correct?

• A)Both of these assets will have an indefinite useful life.
• B)Both of these assets will have a definite useful life.
• C)For both assets, the useful life will be equal to the asset's legal life.
• D)For both assets, the useful life could be shorter than its legal life.

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Definitions:

Writing

The process of using symbols, typically letters of the alphabet, to communicate thoughts and ideas in a readable form.

Court Waive

A judicial decision to relinquish or forego certain legal rights, fees, or penalties, often in the interest of justice or to facilitate legal processes.

Requirement Of Writing

A legal principle that certain types of contracts or agreements must be in writing to be enforceable.

Restraint Of Trade

Legal provisions that limit or restrict business activities in order to prevent unfair competition or monopolistic practices.