Data related to the acquisition of timber nights and intangible assels during the current year ended December 31 are as follows. A. Timber rights on a tract of land were purchased for $2,331,260 on February 22 . The stand of timber is estimated at 5,686,000 board feet During the current year, 1,159,400 board teet of timber were cut and sold B. On December 31 , the company determined that $3,704,000 of coeswell was impaired C. Governmental and legal costs of \$7,038,000 were incurred on Apnl 3 in obtaining a patent with an estimated economic ife of 12 years. Amortization is to be for three-fourths of a year. Required: 1. Determine the amount of the amprization, depiction or impaiment for the current year for each of the foregoing ifems 2. Journalize the adjusting ertitiee nequired to record the amortization dephton or impairment for each item Refer fo the Chart of Accounts for exact wording of account twes 1. Determine the amount of the amortization depletion or impairment for the current year for each of the items in the instructions. A. B. C. Joumalize the transactiens and the adjusting entries on December 31 . Refer to the Chant of Accounts for exact wording of account tibes Scrail down to access pages rough 3 of the joumal. Timber pights on a tract of iand were purchased for $2,331,260 on February 22 . The stand or timber is essmated at 5,666 ,000 board feet During the current year, 159,400 board feet of timber were cut and cold