If a patent that was reported as an intangible asset expires, what impact will the expiration have on the classified balance sheet? Select answer from the options below The patent is considered neither an asset nor a liability and is removed from the balance sheet. The patent is considered a current asset rather than an intangible asset and moves to the current asset section of the balance sheet. It remains an intangible asset and the expiration has no impact on the classified balance sheet. It is considered a long-term liability and moves from the asset section to the liability section of the balance sheet