Directions: Solve all the requirements of the problems. Show your solutions. Question 1: Long-term operating assets are acquired and used by a company to generate revenue over a number of years. These assets are classified as either tangible or intangible and the cost to acquire them is the purchase price plus all costs necessary to get the asset ready for its intended use by the company. Explain in details with example the long term assest and long term liabilities. (10 Marks)