CHAPTER 7 14 Short Answer Questions 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 tangi] 5. Equipment is an example of an intangible asset ANSWER BELOW