Amortization and Depletion Entries Data related to the acquisition of timber rights and intangible assets during the current year ended December 31 are as follows: Timber rights on a tract of land were purchased for $500,000 on February 22. The stand of timber is estimated at 2,500,000 board feet. During the current year, 700,000 board feet of timber were cut and s b. On December 31, the company determined that $1,200,000 of goodwill was impaired. c. Governmental and legal costs of $3,360,000 were incurred on April 3 in obtaining a patent with an estimated economic life of 12 years. Amortization is to be for three-fourths of a year. Required: Item 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. Impairment, Amortization or Depletion Expense 2. Journalize the adjusting entries required to record the amortization, depletion, or impairment for each item. If an amount box does not require an entry, leave it blank. a Check My Work 00 00 00 Accounting humid Email Instructor O DO 00 Amentation and Data related to the acoustion of onber nights and tangis during the curent year ended December 31 Timber rights on a tract of land were purchased for $500,000 on February 22. The stand of timber is estimated at 2,500,000 board feet. During the current year 700,000 board feet of timber were cut and s On December 31, the company determined that $1,200,000 of gene was impaired Governmental and legal costs of $3,300,000 were incurred on April 3 in obtaining a petunt with an estimated economic she of 12 years. Amortization is to be for three fourths of a year 3. Determine the amount of the amortization, deption, or imperment for the current year for each of the forging Impairment, Amortization or Depletion Expense Journals the austing entries reared to recend the antiation, depletion, or P