3. The Dog Games R Us Company is in the process of constructing a new building to house its operations and is considering the purchase of new, state-of-the-art pieces of machinery that will allow it to make dog games using less plastic. The owner of the business, Mr. I. M. Shaggy wants to learn all he can about long-term operating assets before committing the company to this purchase. An asset is something of value that a business owns. Assets can be classified as either current or long-term. To be considered long-term, assets must provide future benefit to a business for more than the next 365 days or the current year, will be used in the business, and are not purchased with the intention of selling them to consumers. Operating assets are acquired to produce income for a business. Long-term operating assets are classified as tangible or intangible. Tangible assets have physical substance, and intangible assets are those that cannot be touched or felt. Examples of tangible assets include property, plant, and equipment and natural resources. A patent is an example of an intangible asset. A patent granted by a government authority provides an inventor with the exclusive right to use, produce, or sell his or her invention for a specified period of time.