Amortization and Depletlon 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 $1,200,000 on February 16. The stand of timber Is estlmated at 8,000,000 board feet. 1. PR.09-06.Guided.Algo 2. PR.09-05.Guided.Algo During the current year, 2,200,000 board feet of timber were cut and sold b. On December 31, the company determined that $1,160,000 of goodwill was impaired c. Governmental and legal costs of $7,920,000 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: 1. Determlne the amount of the amortization, depletion, or Impalrment for the current year for each of the foregolng items. Do not round your intermediate calculation Item Impairment, Amortization or Depletion Expense a. Natural resources b. Goodwill c. Patents 2. Journalize the adjusting entries required to record the amortization, depletion, or impairment for each item. a. b