Creating and Reporting Intangible Assets
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What are the main characteristics of intangible assets? How are they presented in the balance sheet? How do you estimate their usefulness? Why is there a distinction between purchased and internally created intangibles?
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Solution Summary
This solution explains the creation of and reporting of intangible assets. The sources used are also included in the solution.
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Step 1
The main characteristics of intangible assets are that it lacks physical substance and is difficult to evaluate. These are not physical in nature. They don't have the physical value of a plant or machinery. They are valuable for the company that owns them and can be important for the long-term success of the company. Common intangible assets are patents, copyrights, franchises, goodwill, trademark, and trade names.
The intangible assets that are ...
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