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Barkley Corp. obtained a trade name in January 2016, incurring legal costs of $72,000. The company amortizes the trade name over 8 years. Barkley successfully defended its trade name in January 2017, incurring $19,600 in legal fees. At the beginning of 2018, based on new marketing research, Barkley determines that the fair value of the trade name is $60,000. Estimated total future cash flows from the trade name are $64,000 on January 4, 2018.

Instructions:

Prepare the necessary journal entries for the years ending December 31, 2016, 2017, and 2018. Show all computations.