According to the text book - According to the text book, I...

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Unformatted text preview: According to the text book, I found that intangible assets with indefinite life include: trademarks and trade names, copyrights, good will, franchise. Intangible assets with limited life include: customer lists, order or production backlogs, franchise and patent.- Trademarks and trade names. (Indefinite Life) - Registered name or symbol of a business - Is Considered indefinite-life intangibles, therefore, not amortize - If insignificant cost, it is usually expensed. - Customer lists, order or production backlogs(Limited Life) - Amortized over the assets useful life. - Resdidual Value usually equal to zero Copyrights (Indefinite Life) - Are granted for the life of the creator plus 50 years. - Useful life is usually less than legal life. - Considered Indefinite Life Intangible Franchise (Indefinite or (Limited Life) Contractual arrangement under which the franchisor grants the franchisee certain rights to sell product use name etc.....
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According to the text book - According to the text book, I...

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