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    Amortized Intangible Assets

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    Please help answer the problem regarding amortized intangible assets. Provide at least 200 words and include references in the solution.

    Should intangible assets always be amortized over their legal lives? Explain. What are the basic issues related to accounting for intangible assets?

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    https://brainmass.com/business/current-assets/amortized-intangible-assets-551625

    Solution Preview

    Problem: Should intangible assets always be amortized over their legal lives? Explain. What are the basic issues related to accounting for intangible assets?

    Solution:
    Intangible assets are amortized according to their useful life, not their legal life. If we determine that an intangible asset has a useful life of ten years but after six years find that the useful life has been "used up," we would make an adjustment to the intangible asset due to the ...

    Solution Summary

    This solution explains if intangible assets should always be amortized over their useful lives. This solution also explains the basic issues related to accounting for intangible assets. The explanation is given in 262 words. Three references are included in the solution.

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