Barkley Corp. obtained a trade name in January 2013, incurring legal costs of $36,000. The company amortizes the trade name over 8 years. Barkley successfully defended its trade name in January 2014, incurring $9,800 in legal fees. At the beginning of 2015, based on new marketing research, Barkley determines that the fair value of the trade name is $30,000. Estimated total future cash flows from the trade name are $32,000 on January 4, 2015.
Prepare the necessary journal entries for the years ending December 31, 2013, 2014, and 2015.