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:

a$.$ Timber rights on a tract of land were purchased for $$1,840,000$ on February $22.$ The stand of timber is estimated at $8,000,000$ board feet. During the current year, $2,200,000$ board feet of timber were cut and sold.

b$.$ On December $31,$ the company determined that $$1,240,000$ of goodwill was impaired.

c$.$ Governmental and legal costs of $$12,144,000$ were incurred on April $3$ in obtaining a patent with an estimated economic life of $12$ years. Amortization is to be for threefourths of a year.

Required:

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

a$.$

b$.$

c$.$

Impairment, Amortization or Depletion Expense

$

$

$

$2.$ Journalize the adjusting entries required to record the amortization, depletion, or impairment for each item.

a$.$

b$.$