Current Attempt in Progress

Pharoah Corp. obtained a tradename in January $2024,$ incurring legal costs of $$68,400.$ The company amortizes the tradename over $8$ years using the straight$-$line method. Pharoah successfully defended its tradename in January $2025,$ incurring $$18,620$ in legal fees. At the beginning of $2026,$ based on new marketing research, Pharoah determines that the fair value of the tradename is $$57,000.$ Estimated future net cash flows from the tradename are $$60,800$ 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

Account Titles and Explanation

Debit

Cres

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$q,$

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Attempts: $0$ of $1$ used