Which of the following items is classified as an intangible asset? a- Forest lands b- Prepaid insurance c- Goodwill d- Land held for future use

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My answer is C. Goodwill.

Intangible assets are assets with monetary value without physical substance. Among the choices, only Goodwill meets both the criteria of an intangible asset. 

C. Goodwill

An intangible asset is an asset that lacks physical substance and usually is very hard to evaluate. It includes patents, copyrights, franchises, goodwill, trademarks, trade names etc.