2.

StructiOf On January 4, 2016, Franc Company purchased for 33,000 a patent that had been filed 8 years earlier. The patent covers a manufacturing process that the company plans to use for 15 years. On January 3, 2017, the company paid its lawyers $8,800 for successfully defending the patent in a lawsuit. Required Prepare all the journal entries associated with the patent in 2016 and 2017. On January 11, 2016, Hughes Company applied for a trade name. Legal costs associated with the application were $20,000. In January 2017, the company incurred $9,000 of legal fees in a successful defense of its trade name. The trade name was not impaired in 2016 and 2017 Required 1. Compute the ending carrying value of the trade name for 2016 and 2017 2016: $ 2017: $ 2. A trade name is: Amortized when its life is considered finite. Not generally amortized because it is renewable indefinitely as long as the trade name is continuously used. Reviewed for impairment annually. All of the choices are correct