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In early January 2020, Axel Corporation applied for a trade name, incurring legal costs of $160,000. Based on new market research, Axel determines that the

In early January 2020, Axel Corporation applied for a trade name, incurring legal costs of $160,000. Based on new market research, Axel determines that the market value of the trade name is $120,000. In January 2021, Axel incurred $7,800 of legal fees in a successful defense of its trade name. Trade name should be amortized based on legal life.

What is the cost of Trade name?

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