O CO Pen to the acquisition of timber rights and intangible assets during the current year ended December 31 are as follows Terrights on a tract of land were purchased for $1,360,000 on February 22. The stand of timber is estimated at 8,000,000 board feet. During the current year 1,200,000 board feet of timber were out and sold. Otember 31, the company determined that $1,020,000 of goodwill was impared dental and legal costs of $7,480,000 were incurred on April 3 in obtaining a paner with an estimated economic life of 10 years. Amortization is to be for three- Required: 3. Determine the amount of the amortization, depletion, or impairment for the current year for each of the foregoing tems. De not round your intermediate Impairment, Amortization or Depletion Expense 2. Journal the ajunting entries required to record the amortization, depletion, or impairment sach am If an amount box does not require an entry leve blank Check My Work Previous