Amortization and Depletion Entries Data related to the acquisition of timber rights and intanitihile nfitu during the current year ended December 31 are as foliows: a. Timber rights on a tract of land were purchased for 5665,000 on February 22. The stand of timber is estimated at 3,500,000 board feet During the current year, 900,000 board feet of timber were cut and sold. b. On December 31 , the company determined that $820,000 of 900 thill was impaired. c. Governmental and legal costs of $3,420,000 were incurred on April 3 in obtaining a patcit with an estimated econemic life of 10 veari. Amortization is to be for three-fourths of a year: Required: 1. Determine the amount of the amortization, depietioni or impaiment for the curnent yeat for sach of the for igoing itemi Do not round your iftermediate calculation. letion Expense 2. Journalize the adjusting entries required to record the amortization, depletion, or impairment for each item. If an amount box does not require ales entry, leave it blank. a. b. c