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Asked May 16, 2019
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Patents are asset, liability, quity, revenue or expense?

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Expert Answer

Step 1

Assets: These are the resources owned and controlled by business as a result of a past transaction or event and they are used to produce benefits for the company through business activities. Assets are classified on the balance sheet as current assets, non-current assets, property, plant, and equipment, and intangible assets.

Step 2

Intangibles’ assets:

Intangibles’ assets comprises of noncurrent current economic resources th...

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