Exercise 6-2 Identifying long-term operational assets Required Which of the following items should be classified as long-term operational assets? a. Cash g. Inventory b. Buildings h. Patent c. Production machinery i. Tract of timber d. Accounts receivable j. Land e. Prepaid rent k. Computer f. Franchise 1. Goodwill Exercise 6-3 Classifying tangible and intangible assets Required Identify each of the following long-term operational assets as either tangible (T) or intangible (I). a. Retail store building g. 18-wheel truck b. Shelving for inventory h. Timber c. Trademark i. Log loader d. Gas well j. Dental chair e. Drilling rig k. Goodwill f. FCC license for TV station 1. Computer software