Final answer:
Intangible assets include mortgaged and non-mortgaged assets, with examples such as patents and goodwill. Goodwill is the most common intangible asset with an indefinite useful life.
Step-by-step explanation:
Intangible assets are non-physical assets that cannot be physically touched or seen.
Examples of mortgaged intangible assets are patents, trademarks, and copyrights. These assets are legally protected and can be used as collateral to secure loans. They can be bought, sold, and licensed.
On the other hand, examples of non-mortgaged intangible assets are goodwill, brand recognition, and customer loyalty. These assets are not legally protected and cannot be used as collateral. Their value is derived from the reputation and perception of the business.
Among the intangible assets with an indefinite useful life, the most common one is goodwill. Goodwill represents the value of a company's reputation, customer base, and other factors that make it attractive to buyers. It is recorded when a company acquires another company for a price that exceeds the fair value of its net identifiable assets.