Exercise 2 (Accounting for Trade Name) In early January 2024, Strawberry Corporation applied for a trade name, incurring legal costs of $60,000. In January 2025, Strawberry incurred $20,000 of legal fees in a successful defense of its trade name. Instructions a. Compute 2024 amortization, 12/31/24 book value, 2025 amortization, and 12/31/25 book value if the company amortizes the trade name over 10 years. b. Compute the 2025 amortization and the 12/31/25 book value, assuming that at the beginning of 2025, Strawberry determines that the trade name will provide no future benefits beyond December 31, 2028. c. Ignoring the response for part (b), compute the 2026 amortization and the 12/31/26 book value, assuming that at the beginning of 2026, based on new market research, Strawberry determines that the fair value of the trade name is $10,000. Estimated total future cash flows from the trade name is $18,000 on January 3, 2026.