Problem $2$ Amortization and depletion entries $$ Ch $9$

Data 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 $$1,800,000$ on February $12.$ The stand of timber is estimated at $9,000,000$ board feet. During the current year, $1,400,000$ board feet of timber were cut and sold.

b$.$ On December $31,$ the company determined that $$3,225,000$ of goodwill was impaired.

c$.$ Governmental and legal costs of $$4,200,000$ were incurred on April $2$ in obtaining a patent with an estimated economic life of $10$ years. Amortization is to be for three$-$fourths of a year.

$1.$ 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.