Which of the following statements isfalse?

(a)If an intangible asset has a finite life, it should be amortized.

(b)The amortization period of an intangible asset can exceed 20 years.

(c)Goodwill is recorded only when a business is purchased.

(d)Research and development costs are expensed when incurred, except when the research and development expenditures result in a successful patent.

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