Data tedated to the acouisition of tirnber nights and intangtile assets buring the curnent year ended December 31 are as followit: a. Timber nghts on a tract of tand were purchased fot $1,600,000 on February 22 . The stand of tmber is testimated at 5,000,000 board tee: Durng the curect yeat, 1,100,000 board feet of tinber were cut and soto b. On December 31, the combany determined that $3,750,000 of qooded was impaired c. Covemvental and legal costs of $6,500,000 were incurred on. Apil 3 in obtaining a patent with an estirsated economic life of 12 yous Amorticution is to be for three-5ourths ot a year Required: 1. Determine the amount of the amortzation, depletion, or impaiment for the curent year for each or the foregong Hems 2. Joumakze the aqusting entries requred to record the amortizution, deplefon, or impaiment for each item Refer to the chant of accounts for the exact wording of the account tites CNOW youmals do not use ines far joumar explanations. Every line on a joumal page is used for debut ar 1. Determine the amount of the amartization, depietion, or impairment for the current year for each of the items in the instructions a. b) c. 1. foo,coo board toer of hanber wore ewf and ave