a. Timber rights on atract of land were purchased for $700,000 on February 16. The stand of timber is estimated at 5,000,000 board feet. During the current year, 1,400,000 board feet of timber were cut and sold. b. On December 31, the company determined that $850,000 of goodwill was impaired c. Governmental and legal costs of $5,000,000 were incurred on April 3 in obtaining a patent with an estimated economic life of 15 years. Amortization is to be for three fourths of a year Required: 1. Determine the amount of the amortization, depletion, or impairment for the current year for each of the foregoing items. Do not round your intermediate calculation Item Impairment, Amortization or Depletion Expense a. Natural resources b. Goodwill c. Patents 2. Journalize the adjusting entries required to record the amortization, depletion, or impairment for each item