E11.7(L01,2)(Accounting for Trade Name) In early January 2024, Outkast Corporation applied for a trade name,...
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ELAccounting for Trade Name In early January Outkast Corporation applied for a trade name, incurring legal costs of $ In January Outkast incurred $ of legal fees in a successful defense of its trade name. Instructions a Compute amortization, book value, amortization, and book value if the company amortizes the trade name over years. b Compute the amortization and the book value, assuming that at the beginning of Outkast determines that the trade name will provide no future benefits beyond December c Ignoring the response for part b compute the amortization and the book value, assuming that at the beginning of based on new market research, Outkast determines that the fair value of the trade name is $ Estimated total future cash flows from the trade name is $ on January 
ELAccounting for Trade Name In early January Outkast Corporation applied for a trade name, incurring legal costs of $ In January Outkast incurred $ of legal fees in a successful defense of its trade name.
Instructions
a Compute amortization, book value, amortization, and book value if the company amortizes the trade name over years.
b Compute the amortization and the book value, assuming that at the beginning of Outkast determines that the trade name will provide no future benefits beyond December
c Ignoring the response for part b compute the amortization and the book value, assuming that at the beginning of based on new market research, Outkast determines that the fair value of the trade name is $ Estimated total future cash flows from the trade name is $ on January
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