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E12-7 (Accounting for Trade Name) In early January 2018, Reymont Corporation applied for a trading...

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Accounting

E12-7 (Accounting for Trade Name) In early January 2018, Reymont Corporation applied for a trading name, incurring legal costs of $18,000. In January 2019, Reymont incurred $7,800 of legal fees in a successful defense of its trade name.

Instructions:

(c) Ignoring the response for part (b), compute the 2020 amortization and the 12/31/20 book value, assuming that at the beginning of 2020, based on new market research, Reymomt determines that the recoverable amount of the trade name is $16000.

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