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FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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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 O decimal places, e.g.
5,275.)
2020
2021
Amortization amount
%$4
$4
%24
%24
Carrying amount
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(c)
The parts of this question must be completed in order. This part will be available when you complete the part above.
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Transcribed Image Text:Current Attempt in Progress
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 O decimal places, e.g.
5,275.)
2020
2021
Amortization amount
%$4
$4
%24
%24
Carrying amount
Attempts: 0 of 1 used
Submit Answer
Save for Later.
(c)
The parts of this question must be completed in order. This part will be available when you complete the part above.
e here to search
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