Amortization and Depletion Entries Data related to the acquisition of timber rights and intang ble assets during the current year ended December 31 are as follows: a. On December 31, the company determined that $1,210,000 of goodwill was impaired b. Governmental and legal costs of $6,000,000 were incurred on September 30 in obtaining a patent with an estimated economic ife of 10 years. Amortization is to be for one-fourth of a year c. Timber rights on a tract of land were purchased for $1,100,000 on February 4. The stand of timber is estimated at 5,500,000 board foet. During the current year, 1,500,000 board feet of timber were cut and told. 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 b. C Fudback Chy Work Intangible assets with indefinite lives are tested annually for impairment Intangible assets with definite lives are amortized using the straight-line method. The depletion rate stays constant 2. Journalize the adjusting entries required to record the amortization, depletion, or impairment for each item a Loss on Impairment of Goodwill 1.110.00 depletion rate stays constant 2. Journalize the adjusting entries required to record the amortization, depletion, or impairment for each item a. Loss on Impairment of Goodwill 1.110.000 Goodwill 1.110,000 b. Amortization Expense-Patents X Patents C. Depletion Expense Accumulated Depletion Foto Check My Wor is the intangible tested for imparmentor amorced? Does the sea contrast account? Chaw Partially connect