Barkley Corp. obtained a trade name in January 2016, incurring legal costs of $72,000. The company amortizes the trade name over 8 years. Barkley successfully defended its trade name in January 2017, incurring $19,600 in legal fees. At the beginning of 2018, based on new marketing research, Barkley determines that the fair value of the trade name is $60,000. Estimated future net cash flows from the trade name are $64,000 on January 4, 2018. Prepare the necessary journal entries for the years ending December 31, 2016, 2017, and 2018. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.)

Date	Account Titles and Explanation	Debit	Credit
Dec. 31, 2016
Dec. 31, 2017
Dec. 31, 2018
	(To record impairment loss)
Dec. 31, 2018
	(To record amortization expense)

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