Hi Tunacaocaaron,

Thanks for your help on the previous questions. This is my next problem:

Data related to the acquisition of timber rights and intangible assets of Gemini Company during the current year ended December 31 are as follows:

• a.On December 31, Gemini Company determined that $3,000,000 of goodwill was impaired.
• b.Governmental and legal costs of $920,000 were incurred by Gemini Company on June 30 in obtaining a patent with an estimated economic life of 8 years. Amortization is to be for one-half year.
• c.Timber rights on a tract of land were purchased for $1,350,000 on March 6. The stand of timber is estimated at 15,000,000 board feet. During the current year, 3,300,000 board feet of timber were cut and sold.

Instructions

• 1.Determine the amount of the amortization, depletion, or impairment for the current year for each of the foregoing items.
• 2.Illustratetheeffectsontheaccountsandfinancialstatementsoftheadjustmentsforeachitem.

I already have most of it done. I just need help completing the balance sheet, thanks.

Problem 7-5 Name: Mark Tirona Section: Score: 53% Key Code: 2 Instructions Answers are entered in the cells with gray backgrounds. Cells with non-gray backgrounds are protected and cannot be edited. A red asterisk (*) will appear in the column to the right of an incorrect answer. 1. a. Loss on impairment of goodwill $ 3,000,000 b. Amortization of governmental and legal costs: [Original Cost $ 920,000 Years (Life)] 8 Portion of Year = 1/2 Amortization $ 57,500 c. Depletion of timber rights: (Original Cost $ 1,350,000 Board Feet Total Board Feet) Cut and Sold = 15,000,000 3,300,000 2. Assets Statement of Cash Flows Goodwill + Patents - $ Depletion 297,000 Balance Sheet = Liabilities Accumulated Depletion = a. b. c. $ 360,000 * + + Stockholders' Equity Retained Earnings Income Statement Loss on impaired goodwill Amortization expense Depletion expense