Amortization and depletion entries Data related to the acquisition of timber rights and intangible asstis during the current year ended December 31 are as follows: a. On December 31, the company determined that $1,080,000 of goodwill was impalied. b. Govemmental and legal costs of $7,040,000 were incurred on September 30 in obtaining a paterit with an estimated economic life of 10 years. Amortization is to be for one-fourth of a yeac. c. Timber rights on a tract of land were purchased for $1,320,000 on February 4 . The stand of timber is estimated at 6,000,000 boand feet. Durting the cument year, 1,600,000 board feet of timber were cut and sold. 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. 2. Joumalize the adjusting entries to record the amortization, depietion, or impairment for each item. If an arnount box does not require an antry, leave it blanki Timber rights on a tract of land were purchased for $1,320,000 on February 4 , The stand of timber is estimated at 6,000,000 board feet. During the curre vear, 1,600,000 board feet of timber were cut and sold. equiredt Determine the amount of the amortization, depletion, or impairment foc the current year for each of the foregoing items. Do not round your itermediate calculation. 2. Joumalize the adjusting entries to record the amortization, depletion, or impairment for each item. If an amount box does not require an entry, leave it blank