In early January 2020, Sunland Corporation applied for and received approval for a trade name, incurring legal costs of $44,800. In early January 2021, Sunland incurred $25,500 in legal fees in a successful defence of its trade name. (b) Calculate amortization for 2020; carrying amount at December 31, 2020; amortization for 2021; and carrying amount at December 31, 2021, if the company amortizes the trade name over its 16-year legal life. (Round answers to 0 decimal places, eg. 5,275.) 2020 2021 Amortization amount %24 24 %24 %24 Carrying amount
In early January 2020, Sunland Corporation applied for and received approval for a trade name, incurring legal costs of $44,800. In early January 2021, Sunland incurred $25,500 in legal fees in a successful defence of its trade name. (b) Calculate amortization for 2020; carrying amount at December 31, 2020; amortization for 2021; and carrying amount at December 31, 2021, if the company amortizes the trade name over its 16-year legal life. (Round answers to 0 decimal places, eg. 5,275.) 2020 2021 Amortization amount %24 24 %24 %24 Carrying amount
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter12: Intangibles
Section: Chapter Questions
Problem 3P
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