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Data related to the acquisition of timber rights and during the current year ended December 31 are as follows: A. Timber rights on a tract of land were purchased for $2,331,260 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. On December 31 , the company determined that $3,704,000 of goodwill 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: 1. Determine the amount of the amortization, depletion, or impairment for the current year for each of the foregoing items. 2. Journalize the adjusting entries required to record the amortization, depletion, or impairment for each item. Refer to the Chart of Accounts for exact wording of account titles. 1. Determine the amount of the amortization, depletion, or impairment for the current year for each of the items in the Instructions. A. B. C. b. On December 31 , the company determined that $3,704,000 of goodwill was impaired. b. On December 31 , the company determined that $3,704,000 of goodwill was impaired. CHART OF ACCOUNTS General Ledger ASSETS110Cash111PettyCash112AccountsReceivable114InterestReceivable115NotesReceivable116MerchandiseInventory117Supplies119PrepaidInsurance120Land123Vehicles124AccumulatedDepreciation-Vehicles125Equipment126AccumulatedDepreciation-Equipment130TimberRights131AccumulatedDepletion132Goodwill133PatentsREVENUE410Sales610InterestRevenue620GainonSaleofVehicles621GainonSaleofEquipment622GainonSaleofTimberRights623GainfromSaleofGoodwill510CostofMerchandiseSold520SalariesExpense521AdvertisingExpense522DepreciationExpense-Vehicles523DeliveryExpense524RepairsandMaintenanceExpense529SellingExpenses531RentExpense532DepreciationExpense-Equipment533DepletionExpense \begin{tabular}{ll} 120 Land & 510 Cost of Merchandise Sold \\ 123 Vehicles & 520 Salaries Expense \\ 124 Accumulated Depreciation-Vehicles & 521 Advertising Expense \\ 125 Equipment & 522 Depreciation Expense-Vehicles \\ 126 Accumulated Depreciation-Equipment & 523 Delivery Expense \\ 130 Timber Rights & 524 Repairs and Maintenance Expense \\ 131 Accumulated Depletion & 529 Selling Expenses \\ 132 Goodwill & 531 Rent Expense \\ 133 Patents & 532 Depreciation Expense-Equipment \\ & 533 Depletion Expense \\ LIABILITIES & 534 Amortization Expense-Patents \\ 210 Accounts Payable & 535 Insurance Expense \\ 211 Salaries Payable & 536 Supplies Expense \\ 213 Sales Tax Payable & 539 Miscellaneous Expense \\ 214 Interest Payable & 710 Interest Expense \\ 215 Notes Payable & 720 Loss on Sale of Vehicles \\ \hline 312 Dividends & 721 Loss on Sale of Equipment \\ \hline EQUITY & 722 Loss on Sale of Timber Rights \\ 310 Common Stock & 723 Loss from Impaired Goodwill \\ 311 Retained Earnings & \end{tabular}