Sheridan Corp. obtained a trade name in January 2019, incurring legal costs of $69,120. The company amortizes the trade name over 8 years. Sheridan successfully defended its trade name in January 2020, incurring $18,816 in legal fees. At the beginning of 2021, based on new marketing research, Sheridan determines that the fair value of the trade name is $57,600. Estimated future net cash flows from the trade name are $61,440 on January 4, 2021. Prepare the necessary journal entries for the years ending December 31, 2019, 2020, and 2021. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.)

Date	Account Titles and Explanation	Debit	Credit
Dec. 31, 2019
Dec. 31, 2020
Dec. 31, 2021
	(To record impairment loss)
Dec. 31, 2021
	(To record amortization expense)