Data related to the acquisition of timber rights and intangible assets during the current year ended December 31 are as follows:

On December 31, the company determined that $3,400,000 of goodwill was impaired.

Governmental and legal costs of $4,800,000 were incurred on September 30 in obtaining a patent with an estimated economic life of eight years. Amortization is to be for one-fourth year.

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.