13.

For each of the following unrelated transactions, (a) determine the amount of the amortization expense or depletion for the current year, and (b) present the adjusting entries required to record each expense at year end. (1) Timber rights were purchased on a tract of land for $480,000. The timber is estimated at 1,200,000 board feet. During the current year, 75,000 board feet of timber were cut and sold. (2) Costs of $8,000 were incurred on January 1 to obtain a patent. Shortly thereafter, $22,000 was spent in legal costs to successfully defend the patent against competitors. The patent has an estimated legal life of 12 years.

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