Question: 1a. What is an intangible asset? Should all intangible assets be subject to amortization? Explain why or why not. Why are some intangible assets not

1a. What is an intangible asset? Should all intangible assets be subject to amortization? Explain why or why not. Why are some intangible assets not amortized? What is the implication of financial statements?

1b. What are the criteria for capitalization of fixed assets? What items are included in the cost of a fixed asset? Should interest be included in the cost of a fixed asset? Why or why not?

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