35) Factors considered in determining an intangible asset’ s useful life include all of the following EXCEPT 36) The cost of purchasing patent rights for a product that might other wise have seriously competed with one of the purchaser’ s patented pr oducts should be 37) Malrom Manufacturing Company acquired a patent on a manufact uring process on January 1, 2006 for $ 10,000,000. It was expected to have a 10 year life and no residual value. Malrom uses straightline amortization for patents. On December 31, 2007, the expected fut ure cash flows expected from the patent were expected to be $ 800,000 per year for the next eight years. The present value of these cash flow s, discounted at Malrom’ s market interest rate, is $ 4,800,000. At what amount should the patent be carried on the December 31, 2007 balan ce sheet? 38) Mining Company acquired a patent on an oil extraction technique on January 1, 2006 for $ 5,000,000. It was expected to have a 10 year l ife and no residual value. Mining uses straightline amortization for patents. On December 31, 2007, the expected fut ure cash flows expected from the patent were expected to be $ 600,000 per year for the next eight years. The present value of these cash flow s, discounted at Mining’ s market interest rate, is $ 2,800,000. At what amount should the patent be carried on the December 31, 2007 balanc e sheet? 39) General Products Company bought Special Products Division in 2 006 and appropriately booked $ 250,000 of goodwill related to the pur chase. On December 31, 2007, the fair value of Special Products Divi sion is $ 2,000,000 and it is carried on General Product’ s books for a t otal of $ 1,700,000, including the goodwill. An analysis of Special Pro ducts Division’ s assets indicates that goodwill of $ 200,000 exists on December 31, 2007. What goodwill impairment should be recognized by General Products in 2007? 40) The intangible asset goodwill may be 41) The reason goodwill is sometimes referred to as a master valuatio n account is because 42) Goodwill 43) If a shortterm obligation is excluded from current liabilities because of refinanc