Which of the Following Statements Is Correct

Multiple Choice

Which of the following statements is correct?

A) Amortization of intangible assets is always recorded in a contra asset account.
B) Items in a company's inventory that are not expected to be sold in the next year are considered long-lived assets.
C) All long-lived intangible assets must be amortized over a period of 40 years or less.
D) Intangible assets with unlimited or indefinite lives are not amortized.