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Which of the following statements about intangible assets is INCORRECT? They are capital assets that have no physical substance. Intangibles with indefinite lives are not

Which of the following statements about intangible assets is INCORRECT?

They are capital assets that have no physical substance.

Intangibles with indefinite lives are not amortized but are tested for impairment.

Intangibles with finite lives are amortized but not tested for impairment.

Internally recognized intangibles are never recognized on the statement of financial position.

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