(2) Canada Corp. acquired timber rights and were purchased on a tract of land for $1,480,000. The timber tract is estimated to be 5,800 cubic metres. During the current year, 1,400 cubic metres of timber were cut although only 1,000 cubic metres were sold. Instructions (a) determine the amount of the depreciation expense for the current year (1K, 3T), and (b) present the adjusting entry(ies) required to record each expense at year end (2A). (a) (b) 1 2 3 Date Particulars PR Debit Credit 1 2 13