AmortizationandDepletionEntries

Data related to the acquisition of timber rights andintangible assetsduring the current year ended December 31 are as follows:

1. On December 31, the company determined that $3,400,000 ofgoodwillwas impaired.
2. Governmental and legal costs of $4,800,000 were incurred on September 30 in obtaining apatentwith an estimated economic life of eight years. Amortization is to be for one-fourth of a year.
3. Timber rights on a tract of land were purchased for $2,975,000 on February 4. The stand of timber is estimated at 12,500,000 board feet. During the current year, 4,150,000 board feet of timber were cut and sold.

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 calculations.

ItemImpairment, Amortization or Depletion Expensea.$b.$c.$

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

a.

b.

c.