Data related to the acquisition of timber rights and intangible assets during the current year ended December 31 are as follows: A. Thmber rights on a tract of land were purchased for $1,600,000 on February 22 . The stand of timber is estimated at 5,000,000 board feet. During the current year, 1,100,000 board leet of timber were cut and sold. B. On December 31, the company determined that $3,750,000 of goodwil was impaired. C. Governmental and legal costs of $6,600,000 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. Determine the amount of the amortization, depletion, or impairment for the current year for each of the foregoing items. 2. Joumalize the adjusting entries required to record the amortization, depletion, or impairment for each ilem. Refer to the Chart of Accounts far exact wording of account tifles. Data related to the acquisition of timber rights and intangible assets during the current year ended December 31 are as follows: A. Thmber rights on a tract of land were purchased for $1,600,000 on February 22 . The stand of timber is estimated at 5,000,000 board feet. During the current year, 1,100,000 board leet of timber were cut and sold. B. On December 31, the company determined that $3,750,000 of goodwil was impaired. C. Governmental and legal costs of $6,600,000 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. Determine the amount of the amortization, depletion, or impairment for the current year for each of the foregoing items. 2. Joumalize the adjusting entries required to record the amortization, depletion, or impairment for each ilem. Refer to the Chart of Accounts far exact wording of account tifles