Question: Intangible assets may be internally generated or purchased from another party. In either case, the cost that should be included in the initial valuation of

Intangible assets may be internally generated or purchased from another party. In either case, the cost that should be included in the initial valuation of the asset is an issue.

Describe how to determine the cost of several intangible assets acquired in a basket purchase. Provide a numerical example involving intangibles being acquired for a total price of $120,000.

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