In early January 2024, Flounder Corporation applied for a trade name, incurring legal costs of $16,200. In January 2025, Flounder incurred $8,100 of legal fees in a successful defense of its trade name. (a) Your answer is incorrect. Compute 2024 amortization, 12/31/24 book value, 2025 amortization, and 12/31/25 book value if the company amortizes the trade name over 10 years. (Round answers to 0 decimal places, e.g. 5,125.) 2024 amortization 12/31/24 book value 2025 amortization $ 12/31/25 book value $ 465790 193771 13140

FINANCIAL ACCOUNTING
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ISBN:9781259964947
Author:Libby
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Chapter1: Financial Statements And Business Decisions
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In early January 2024, Flounder Corporation applied for a trade name, incurring legal costs of $16,200. In January 2025, Flounder
incurred $8,100 of legal fees in a successful defense of its trade name.
(a)
Your answer is incorrect.
Compute 2024 amortization, 12/31/24 book value, 2025 amortization, and 12/31/25 book value if the company amortizes the
trade name over 10 years. (Round answers to 0 decimal places, e.g. 5,125.)
2024 amortization.
12/31/24 book value
2025 amortization
12/31/25 book value.
$
$
$
$
465790
193771
13140
1
Transcribed Image Text:In early January 2024, Flounder Corporation applied for a trade name, incurring legal costs of $16,200. In January 2025, Flounder incurred $8,100 of legal fees in a successful defense of its trade name. (a) Your answer is incorrect. Compute 2024 amortization, 12/31/24 book value, 2025 amortization, and 12/31/25 book value if the company amortizes the trade name over 10 years. (Round answers to 0 decimal places, e.g. 5,125.) 2024 amortization. 12/31/24 book value 2025 amortization 12/31/25 book value. $ $ $ $ 465790 193771 13140 1
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