In early January 2018, Reymont Corporation applied for a trade

In early January 2018, Reymont Corporation applied for a trade 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
a. Compute 2018 amortization, 12/31/18 book value, 2019 amortization, and 12/31/19 book value if the company amortizes the trade name over 10 years.
b. Compute the 2019 amortization and the 12/31/19 book value, assuming that at the beginning of 2019, Reymont determines that the trade name will provide no future benefits beyond December 31, 2022.
c. Ignoring the response for part E12.7b., compute the 2020 amortization and the 12/31/20 book value, assuming that at the beginning of 2020, based on new market research, Reymont determines that the recoverable amount of the trade name is $16,000.
Corporation
A Corporation is a legal form of business that is separate from its owner. In other words, a corporation is a business or organization formed by a group of people, and its right and liabilities separate from those of the individuals involved. It may...

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