What are the main characteristics of intangible assets?

What are the main characteristics of intangible assets? How are they presented in the balance sheet? How do you estimate their useful life? Why is there a distinction between purchased and internally created intangibles?

One scholarly journal reference as well as your textbook with in-text citations and references in APA format.

Kieso, D. E., Weygandt, J. J., & Warfield, T. D. (2014). Intermediate Accounting (15th ed). Hoboken, NJ: Wiley.

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