Exercise 12-07 (Part Level Submission) In early January 2019, Swifty Corporation applied for a trade name, incurring legal costs of $17,400. In January 2020, Swifty incurred $7,200 of legal fees in a successful defense of its trade name. (a) Your answer is correct Compute 2019 amortization, 12/31/19 book value, 2020 amortization, and 12/31/20 book value if the company amortizes the trade name over 10 years 2019 amortization 1740 12/31/19 book value 15660 2020 amortization 2540 12/31/20 book value 20320 Click if you would like to Show Work for this question: Open Show Work CLLATOR PRA SCEEN PRINTER VERssoN BACK Your answer is correct Compute the 2020 amortization and the 12/31/20 book value, assuming that at the beginning of 2020, Swifty determines that the trade name will provide no future benefits beyond December 31, 2023. 5715 2020 amortization 17145 12/31/20 book value Open Show Work Click if you would like to Show Work for this question: sHOW SOLUTION NE TO TEXT LNE TO TEXT LINK TO TEXT UNK TO VIDED Attempts: 1 of 2 used (c) Ignoring the response for part (b), compute the 2021 amortization and the 12/31/21 book value, assuming that at the beginning of 2021, based on new market research, Swifty determines that the fair value of the trade name $16,080. Estimated total future cash flows from the trade name is $17,180 on January 3, 2021. 2021 amortization 12/31/21 book value Click if you would like to Show Work for this question: Open Show Wark