Cost of a Trade name

On January 11, 2019, Hughes Company applied for a trade name. Legal costs associated with the application were $20,000. In January 2020, the company incurred $7,000 of legal fees in a successful defense of its trade name. The trade name was not impaired in 2019 and 2020.

Required:

1. Compute the ending carrying value of the trade name for 2019 and 2020. 2019: $ *BLANK 2020: $ *BLANK

2. A trade name is: