E12.7 (LO 1, 2, 4) (Accounting for Trade Name) In early January 2019, Qutkast Corporation applied for a trade name, incurring legal costs of $16,000. In January 2020, Qutkast incurred $7,8oo of legal fees in a successful defense of its trade name. Instructions a. Compute 2019 amortization, 12/31/19 book value, 2020 amortization, and 12/31/20 book value if the company amnortizes the trade name over 10 years. b. Compute the 2020 amortization and the 12/31/20 book value, assuming that at the beginning of 2020, Qutkast determines that the trade name will provide no future benefits beyond December 31, 2023. c. Ignoring the response for part .b., compute the 2021 amortization and the 12/31/21 book value, assuming that at the beginning of 2021, based on new market research, Qutkast determines that the fair value of the trade name is $15,000. Estimated total future cash flows from the trade name is $16,000 on January 3, 2021.

E12.7 (LO 1, 2, 4) (Accounting for Trade Name) In early January 2019, Qutkast Corporation applied for a trade name, incurring legal costs of $16,000. In January 2020, Qutkast incurred $7,8oo of legal fees in a successful defense of its trade name. Instructions a. Compute 2019 amortization, 12/31/19 book value, 2020 amortization, and 12/31/20 book value if the company amnortizes the trade name over 10 years. b. Compute the 2020 amortization and the 12/31/20 book value, assuming that at the beginning of 2020, Qutkast determines that the trade name will provide no future benefits beyond December 31, 2023. c. Ignoring the response for part .b., compute the 2021 amortization and the 12/31/21 book value, assuming that at the beginning of 2021, based on new market research, Qutkast determines that the fair value of the trade name is $15,000. Estimated total future cash flows from the trade name is $16,000 on January 3, 2021.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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