westion 7 Which of the following statements is false regarding intangible assets? Internally developed intangibles should be recorded as assets for the amount spent to develop them. Intangibles with a finite life should be amortized on a straight-line basis. Intangibles with an indefinite life are not subject to amortization. Purchased intangibles are recorded as assets for the amount paid to acquire them. A Moving to another question will save this response