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In early January 2016, Bridgeport Corporation applied for a trade name, incurring legal costs of...

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Accounting

In early January 2016, Bridgeport Corporation applied for a trade name, incurring legal costs of $16,120. In January 2017, Bridgeport incurred $7,920 of legal fees in a successful defense of its trade name.

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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 O decimal places, eg.8,564) 2016 amortization 12/31/16 book value s 2017 amortization 12/31/17 book value s LINK TO TEXTLINK TO TEXT VIDEO: SIMILAR EXERCISE Compute the 2017 amortization and the 12/31/17 book value, assuming that at the beginning of 2017, Bridgeport determines that the trade name will provide no future benefits beyond December 31, 2020. 2017 amortization 12/31/17 book value s LINK TO TEXT LINK TO TEXT VIDEO: SIMILAR EXERCISE Ignoring the response for part (b), compute the 2018 amortization and the 12/31/18 book value, assuming that at the beginning of 2018, based on new market research, Bridgeport determines that the fair value of the trade name is $14,640. Estimated total future cash flows from the trade name is $15,840 on January 3, 20118 2018 amortization 12/31/18 book value

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