Question: Case 3 Your friend Harry does not understand the concept of an indefinite - life intangible asset. He wonders, Does this mean the life is

Case 3
Your friend Harry does not understand the concept of an indefinite-life intangible asset. He wonders, Does this mean the life is infinite?
Required:
What does the authoritative literature say about indefinite-life intangibles assets?
You and Harry continue to discuss intangibles and he gets curious about Goodwill. What is the definition of Goodwill per the FASB ASC?

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