Indicate whether each of the following statements is true or false.a)Long-term assets having no physical substance are called intangible assets.b)Trademarks are examples of an intangible asset.c)Natural resources are examples of tangible long-term assets.d)Land is never classified as a component of property, plant, and equipment.e)Goodwill is classified as Property, Plant and Equipment.

Question

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b)True c)True d)False e)Fa)This is true. Intangible assets derive their value from rights and privileges.b)This is true.c)This is true. Natural resources are tangible assets.d)This is false. Land is normally classified as a component of property, plant, and equipment but is not subject to depreciation.e)This is false. Goodwill is an intangible asset because it does not have physical substance.

Indicate Whether Each of the Following Statements Is True or False.a)Long-Term