Question: For each independent scenario outlined below, discuss whether the three criteria required for an asset to be classified as an intangible are fulfilled: (a) Software

For each independent scenario outlined below, discuss whether the three criteria required for an asset to be classified as an intangible are fulfilled:
(a) Software purchased specifically for a manufacturing machine that cannot operate without that software
(b) Software purchased for a hotel reservation system that is not essential to the related ancillary hardware equipment
(c) Software developed internally for eventual sale to customers
(d) Software purchased for eventual resale to customers

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a This should not be an intangible asset because while the software lacks physical substance and is ... View full answer

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