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Prepare the necessary journal entries for the years

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Reference no: EM133102619

Question - Bob Corp. obtained a trade name in January 2019, incurring legal costs of $76,320. The company amortizes the trade name over 8 years. Bob successfully defended its trade name in January 2020, incurring $20,776 in legal fees. At the beginning of 2021, based on new marketing research, Bob determines that the fair value of the trade name is $63,600. Estimated future net cash flows from the trade name are $67,840 on January 4, 2021. Prepare the necessary journal entries for the years ending December 31, 2019, 2020, and 2021.

Reference no: EM133102619

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