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    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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    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 ...

    Solution Summary

    This solution explains the creation of and reporting of intangible assets. The sources used are also included in the solution.