In early January 2020, Cullumber Corporation applied for and received approval for a trade name,...
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Accounting
In early January 2020, Cullumber Corporation applied for and received approval for a trade name, incurring legal costs of $46,400. In early January 2021, Cullumber incurred $24,000 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, e.g. 5,275.)
2020
2021
Amortization amount
$
$
Carrying amount
$
$
Answer & Explanation
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