Are the following statements about copyrights and patents acquired from an independent third party, correct or incorrect? Statement #1 – Copyrights and patents are tangible assets that can be separately identified. Statement #2 – Purchased copyrights and patents are amortized on a straight line basis over 30 years. What does Copyrights and patents are tangible assets that can be separately identified means?
if it is identifiable, then it will be recorded as an asset, separate from goodwill. copyright and tangible assets are not tangible, so the only statement that is correct is #2.