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Intermediate Accounting: Reporting...

3rd Edition
James M. Wahlen + 2 others
ISBN: 9781337788281

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BuyFindarrow_forward

Intermediate Accounting: Reporting...

3rd Edition
James M. Wahlen + 2 others
ISBN: 9781337788281
Textbook Problem
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Are all intangible assets amortized? not, which ones are not? Why?

To determine

Explain whether all intangible assets are amortized, if not identify the intangible assets that are not amortized and explain the reason.

Explanation

Intangible assets: These are the long-term assets which are not physical in nature, but possess value. The intangible assets would be amortized over their definite useful life or limited useful life, and those with indefinite or unlimited lives are not amortized.

Explain whether all intangible assets are amortized, if not identify the intangible assets that are not amortized and explain the reason as follows:

All intangible assets are not amortized. Intangible assets are classified into two types under GAAP. They are,

  • Intangible assets with a finite life, and
  • Intangible assets with indefinite life...

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