Amortization and Depletion Entries Data related to the acquisition of timber rights and intangible assets of Gemini Company during the current year ended December 31 are as follows: a. On December 31, Gemini Company determined that $3,000,000 of goodwill was impaired b. Governmental and legal costs of $920,000 were incurred by Gemini Company on June 30 in obtaining a patent with an estimated economic life of eight years. Amortization is to be for one-half year c. Timber rights on a tract of land were purchased for $1,350,000 on March 6. The stand of timber is estimated at 15,000,000 board feet. During the current year, 3,300,000 board feet of timber were cut and sold Instructions: 1. Determine the amount of the amortization, depletion, or impairment for the current year for each of the foregoing items. Item Amortization, Depletion, or Impairment 57,500 X b. 297,000x $297,000 X C. $3,000,000 X