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What is the amount of income or expense associated

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Question

In March of 2016, Marian Corp. applied for a trade name. Legal costs associated with the application were

$25,000. At the time of filing the application, the company projected extra

annual income to be generated through having the trade name to be $100,000. On Feb. 5, 201&

the company incurred $20,000 in an unsuccessful defense of the trade name.

Required:

a. What is the amount of income or expense associated with the trade name for the year 2016? For the year 2017? For the year 2018?

b. What is the accounting rationale for the amounts recorded in each year?

Reference no: EM132316458

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