On January 11, 2022, The Hughes Company applied for a tradename. Legal costs associated with the application were P20,000. In January 2023, the company incurred P8,000 of legal fees in a successful defense of its tradename. The tradename was not impaired in 2022 and 2023. Required Compute the ending carrying value of the tradename for 2022 and 2023. Should the company amortize the tradename? Show the solution step by step.

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Q: amortization expense in 2024?

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A:

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Q: On January 11, 2022, The Hughes Company applied for a tradename. Legal costs associated with the…

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A: Hello. Since your question has multiple parts, we will solve the first question for you. If you want…

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