Copyrights and patents are examples of intangible assets with identifiable useful lifetimes (limited-life). These things are straight-line amortized over their economic or legal life, whichever is lesser.
An Intangible asset, is a distinguishable non-monetary asset that lacks physical substance. An asset is a resource that the entity controls as a result of past actions (such as acquisition or self-creation) and from which future economic advantages (inflows of cash or other assets) are expected.
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