during the current year ended December 31 are as follows current year for each of the items in the Instructions A Timber rights on a tract of land were purchased for $2,331260 on February 22. The stand of timber is estimated at 5,686,000 board feet. During the current year, 1,159,400 board feet of timber were cut and sold B. S C. S B. On December 31, the company determined that $3,704,000 of goodwil was impaired C. Governmental and legal costs of $7,038,000 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 through a Timber rights on a tract of land were ased for $2 331,260 on y 22 The stand of timber is estimated at 5,686,000