For each of the following unrelated transactions, (1) (2) Timber rights were purchased on a tract of land for $419,100. The timber is estimated at 1,270,000 board feet. During the current year, 78,500 board feet of timber were cut and sold. Costs of $8,700 were incurred on January 1 to obtain a patent. Shortly thereafter, $21,000 was spent in legal costs to successfully defend the patent against competitors. The patent has an estimated legal life of 12 years. (a) Your answer is correct. Determine the amount of the amortization expense or depletion for the current year. (1) Amount of the depletion for the current year - Timber $ 25905 (2) Amount of the amortization for the current year - Patent $ 2475 (b) Your answer is partially correct. Present the adjusting entries required to record each expense at year end. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. List all debit entries before credit entries. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) No. Account Titles and Explanation (1) Patents Amortization Expense (2) Depletion Expense Accumulated Depletion. Debit 419100 Credit 419100