Waveaway Corp. obtained a trade name in January 2018, incurring legal costs of $72,000. The company amortizes the trade name over 8 years. Waveaway successfully defended its trade name on January 2019, incurring $19,600 in legal fees. At the beginning of 2020, based on new marketing research, Waveaway determines that the fair value of the trade name is $60,000. Estimated future net cash flows from the trade name are $64,000 on January 4, 2018.

Prepare the necessary journal entries for the years ending December 31, 2018, 2019, and 2020. Show all computations.