Parish and Morris (PM) LLP internally developed a trading name in 2013. The attorney fee associated with this trade name is $4,100, and registration fees amount to $2,500. In addition, PM paid cash of $1,200 for consulting services related to this trade name. By the end of 2013, the fair value of this trade name is estimated to be $20,000. In 2022, Parish and Morris found out another firm is using the same trade name and incurred $5,600 in successfully defending it. At the end of 2022, this trade name is worth $55,000. 

How should PM report this intangible asset at the end of 2013 and 2022, respectively?

Answer rating: 100% (QA)

Solution Internally generated intangible assets are recorded at zero ... View the full answer