source from Cengage Learning Cat Amortization and Depletion Entries Data related to the acquisition of timber rights and intangible assets during the current year ended December 31 are as follows Timber rights on a tract of land were purchased for $1,140,000 on February 22. The stand time is estimated 6,000,000 board feet. During the current year, 1,600,000 board feet of timber were out and sold b. On December 31, the company determined that $990,000 of goodwil was impaired. c. Governmental and legal costs of $9, 120,000 were incurred on April in obtaining a patent with an estimated economic life of 15 years. Amortization is to be for three-fourth of a year Required: 1. Determine the amount of the amortization, depletion, or impairment for the current year for each of the foregoing tem. Do not round your intermediate calculation Item Impairment, Amortation or Depletion Expense a. b. C 2. Journalce the adjusting entries required to record the amortization, depletion, or in for schem PL