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Calculate amortization and carrying amount at december

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Reference no: EM132818295

In early January 2017, Sunland Corporation applied for and received approval for a trade name, incurring legal costs of $45,000. In January 2018, Sunland incurred $26,000 of legal fees in a successful defence of its trade name.

Problem 1: Calculate amortization for 2017; carrying amount at December 31, 2017; amortization for 2018; and carrying amount at December 31, 2018, if the company amortizes the trade name over its 14-year legal life.

Reference no: EM132818295

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