Intangibles: 1) Big Timber Inc acquires 5,000 acres of mature timberland for $14,000,000 in 2019. After harvesting, the land is anticipated to have a fair market value of $1,500,000. In 2019, Big Timber harvests 800 acres and sales the timber from 350 acres for $1,100,000. Record the purchase and all subsequent transactions. What is the gross profit percentage on the product that was sold? 2) I Buy Companies acquired a competitor for a purchase price in excess of the FMV of the individual assets. It recorded goodwill of $5,000,000. I Buy plans to sell this company is 5 years. Record the current year's goodwill amortization / expense. 3) Record the entry by Drug Co. for $3,500,000 research and development of a drug that makes all students accounting experts. Intangibles: 1) Big Timber Inc acquires 5,000 acres of mature timberland for $14,000,000 in 2019. After harvesting, the land is anticipated to have a fair market value of $1,500,000. In 2019, Big Timber harvests 800 acres and sales the timber from 350 acres for $1,100,000. Record the purchase and all subsequent transactions. What is the gross profit percentage on the product that was sold? 2) I Buy Companies acquired a competitor for a purchase price in excess of the FMV of the individual assets. It recorded goodwill of $5,000,000. I Buy plans to sell this company is 5 years. Record the current year's goodwill amortization / expense. 3) Record the entry by Drug Co. for $3,500,000 research and development of a drug that makes all students accounting experts