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Business, 27.02.2020 21:42 ladydeathanddea

On january 11, 2016, hughes company applied for a trade name. Legal Costs associated with the application were $20,000. In Jan. 2017, the company incurred $8000 of legal fees in a successful defense of its trade name. The trade name was not impaired in 2016 and 2017.

1. Compute the endng carrying value of the trade name for 2016 and 2017.

2. should the company amortize the trade name? Under what circumstances would the trade name be amortized?

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