ALL ONE QUESTION

Data related to the acquisition of timber rights and intanoble assets during the current year ended Decenber 31 are as follows. A. Timber rights on a tract of land were purchased tor 51,762,820 on February 22 . The stand of timber is estimated at 4,639,000 bossd leot. During the ourrent yeac, 1,060,200 board teet of timber nere cut and sold. B. On December 31, the company determined that $4,015,000 of gootwil was mpared. C. Goveinmental and legal costs of $6.846.000 wese incurted en Apri a in cotaining a patent with an ostimated oconsmic lite of 10 yoars. Amortizition is to be for three-fourths of a year. Required: 1. Determine the amount of the amortization depiesion, ar impairment for the current year for each of the faregoing items. exaet woring of account tites. 1. Determine the amount of the amorizafon, depletion, or impaiment for the current year for each of the items in the instucfont. A. 3. Q. sountul. MSE 1 D. On Decomber 31, the compary delevmined that 54,015,000 af goodmil was inpaired. c. Govemmental and legai costs of 56,846,000 were incured on April 3 in obtaining a patent wath an estimated economic life of to years Amortization is to be for throe tourths of a year