Required Identify each of the following long-term operational assets as either tangible (T) or intangible (I): a.

Question:

Required

Identify each of the following long-term operational assets as either tangible (T) or intangible (I):

a. Pizza oven

b. Land

c. Franchise

d. Filing cabinet

e. Copyright

f. Silver mine

g. Office building

h. Drill press

i. Patent

j. Oil well

k. Desk

l. Goodwill

Goodwill
Goodwill is an important concept and terminology in accounting which means good reputation. The word goodwill is used at various places in accounting but it is recognized only at the time of a business combination. There are generally two types of...