Indicate whether each of the following statements is true or false.
1. Goodwill is classified as part of Property, Plant, and Equipment
2. Long-term assets having no physical substance are called intangible assets
3. Land is classified separately from other tangible assets because the cost is normally much higher
4. Natural resources are examples of tangible long-term assets
5. Equipment is an example of an intangible asset

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The Answer of Indicate whether each of the following statements is true or false.
1. Goodwill is classified as part of Property, Plant, and Equipment
2. Long-term assets having no physical substance are called intangible assets
3. Land is classified separately from other tangible assets because the cost is normally much higher
4. Natural resources are examples of tangible long-term assets
5. Equipment is an example of an intangible asset

Indicate Whether Each of the Following Statements Is True or False