Exercise 12-7 (Part Level Submission) In early January 2016, Culver Corporation applied for a trade name, incurring legal costs of $16,720. In January 2017, Culver incurred $8,520 of legal fees in a successful defense of its trade name. (a) Your answer is correct. Compute 2016 amortization, 12/31/16 book value, 2017 amortization, and 12/31/17 book value if the company amortizes the trade name over 10 years. (Round all answers to 0 decimal places, e.g. 8,564) 2016 amortization 1672 12/31/16 book value 15048 2017 amortization 2619 12/31/17 book value 20949 (b) Compute the 2017 amortization and the 12/31/17 book value, assuming that at the beginning of 2017, Culver determines that the trade name will provide no future benefits beyond December 31, 2020. 2017 amortization 12/31/17 book value