Current Attempt in Progress For each of the following unrelated transactions, (1) (2) Timber rights were purchased on a tract of land for $462,500. The timber is estimated at 1,250,000 board feet. During the current year, 72,000 board feet of timber were cut and sold. Costs of $8,000 were incurred on January 1 to obtain a patent. Shortly thereafter, $25,000 was spent in legal costs to successfully defend the patent against competitors. The patent has an estimated legal life of 10 years. (a) Your answer is correct. Determine the amount of the amortization expense or depletion for the current year. (b) (1) Amount of the depletion for the current year - Timber 26640 (2) Amount of the amortization for the current year - Patent $ 3300 eTextbook and Media eTextbook List of Accounts Assistance Used Attempts: 3 of 5 used Present the adjusting entries required to record each expense at year end. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. List all debit entries before credit entries. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) No. Account Titles and Explanation (1) Debit Credit (2) eTextbook and Media List of Accounts Save for Later Assistance Used Attempts: 0 of 5 used Submit