Exercise 12-7 In early January 2016, Monty Corporation applied for a trade name, incurring legal costs of $16,360. In January 2017, Monty incurred $8,160 of legal fees in a successful defense of its trade name. Compute 2016 amortization, 12/31/16 book value, 2017 amortization, and 12/31/17 book value if the company amortizes the trade name over 10 years. (Round all answers to decimal places, e.g. 8,564) Compute the 2017 amortization and the 12/31/17 book value, assuming that at the beginning of 2017, Monty determines that the trade name will provide no future benefits beyond December 31, 2020. Compute the 2017 amortization and the 12/31/17 book value, assuming that at the beginning of 2017, Monty determines that the trade name will provide no future benefits beyond December 31, 2020. Ignoring the response for part (b), compute the 2018 amortization and the 12/31/18 book value, assuming that at the beginning of 2018, based on new market research, Monty determines that the fair value of the trade name is $15,120. Estimated total future cash flows from the trade name is $16,120 on January 3, 2018