An important distinction between the classical and Keynesian view of the economy is that Select one: a. Keynes stressed the supply side of an economy while classical economists stressed the demand side of the economy. b. classical economists argued that output gaps were caused by shifts in the long-run aggregate supply while Keynes’ maintained that output gaps were created by shifts in aggregate demand. c. Keynes stressed the demand side of an economy while classical economists stressed the supply side of the economy. d. classical economists argued that output gaps were caused by shifts in the long-run aggregate supply while Keynes’ maintained that output gaps were created by wage and price rigidities

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.