Current Attempt in Progress

Blossom Corp. obtained a tradename in January $2024,$ incurring legal costs of $$72,720.$ The company amortizes the tradename over $8$ years using the straight$-$line method. Blossom successfully defended its tradename in January $2025,$ incurring $$19,796$ in legal fees. At the beginning of $2026,$ based on new marketing research, Blossom determines that the fair value of the tradename is $$60,600.$ Estimated future net cash flows from the tradename are $$64,640$ on January $4,2026.$

Prepare the necessary journal entries for the years ending December $31,2024,2025,$ and $2026.($Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select $"$No Entry" for the account titles and enter $0$ for the amounts. List all debit entries before credit entries. Record entries in the order displayed in the problem statement.$)$

Date

Jan. $12024$

Account Titles and Explanation

Debit

Credit

Jan. $12024$

Amortization Expense

Tradenames

Amortization Expense

TradenamesDate

Account Titles and Explanation

Debit

Credit

Jan. $12024$

Amortization Expense

Tradenames

Amortization Expense

Jan. $12025$

Loss on Impairment

$6868$

Tradenames

Amortization Expense

Tradenames