Instructions Dala related to the acquisition of timber rights and intangible assets during the current year ended December 31 are as follows: a. Timber rights on a tract of land were purchased for $3,589,500 on February 22. The stand of tirriber is estimated at 4,788,000 board feet. During the current year, 1,127 100 board feel of timber were cut and sold. b. On December 31, the company determined that $3.599,000 of goodwill was impaired. c. Governmental and legal costs of S7. 140.000 were incurred on April 3 in obtaining a patent with an estimated economic life of 10 years. Amortization is to be for three fourths ol a vear. Required: 1. Determine the amount of the amortization, depletion, or impalment 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 the exact wording of the account des CNOW journals do not use Ines for journal explanations. Every ine on a journal page is used for delt on Crece entries CNOW journals will automatically indent a creat entry when a credit amount is entered Amortization and depletion entries Chart of Accounts First Questions Journal Instructions Chart of Accounts First Questions 1. Determine the amount of the amortization, depletion or impalment for the current year for each of the items in the instructions a S S C s 2. bumaize the transactions and the adusting entries on December 31. Scrol down to access pages through 3 of the journal. Refer to the chart of accounts for the exact worsing or the account ties CNOWjours do not use lines for journal explanations. Every one on a jouma page Is used for bit or creat entries CNOW journals we automatically indent a creat entry when a creat amount entered 2. Tmber nights on atract of land were purchased for 33.580,500 on February 22 The stand of moer is estimated at 4780,000 board feat During me current year, 1,127,100 board feet of smer were cut and so FACE JOURNAL ACCOUNTING EQUATION POST RE DESCRIPTION Adaning Entries GERE CREDIT AESETS LIABILITIES EQUITY On December 31, the company determined that $3.500.000 of God was impaired QURAL ACCOUNTING EQUATION DESGEFTION POSTRES DET ASSETS LATE ) COURTY Cred My Wis Amortization and depletion entries Charcot Accounts First Questions Journal Journal : 2 Adjusting Entries D. on December 31, the company determined that $3,500,000 of good war was impared PAGE 2 JOURNAL ACCOUNTING EQUATION DATE DESCRIPTION POST. REF. DEBIT Adjusting Entries CREDIT ASSETS LIABILITIES EQUITY 2 c Government and lege costs of 57 140.000 were incurred on April 3 in obtaining a patent won an estimated economic ate of 10 years Amortization is to be for stree-fourths of a year JOURNAL PAGE 1 ACCOUNTING EQUATION CRIPTION in Entries POST REF GEET CREDIT LALLITE EQUITY ! Cred y Work