The chief executive officer (or ceo) is the top executive officer, and he or she reports to the board. the chairperson of the board often also serves as the ceo. most firms also have a chief operating officer (coo) and a chief financial officer (cfo). the coo is often designated as the firm's president and directs the firm's operations. the cfo is in charge of accounting, financing, credit policy, decisions regarding asset acquisitions, and investor relations. true or false

Due to rapid employee turnover in the accounting department, the following transactions involving intangible assets were improperly recorded by bridgeport corporation. 1. bridgeport developed a new manufacturing process, incurring research and development costs of $195,600. the company also purchased a patent for $45,200. in early january, bridgeport capitalized $240,800 as the cost of the patents. patent amortization expense of $12,040 was recorded based on a 20-year useful life. 2. on july 1, 2017, bridgeport purchased a small company and as a result recorded goodwill of $52,000. bridgeport recorded a half-year’s amortization in 2017, based on a 20-year life ($1,300 amortization). the goodwill has an indefinite life. prepare all journal entries necessary to correct any errors made during 2017. assume the books have not yet been closed for 2017.