Starting questions Chart of Accounts Joumal Pretructions Datare a 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 $3,180,540 on February 22. The stand of timber is estimated at 5,214,000 board toot. During the current year, 1,125,600 board feet of timber were cut and sold B. on December 31, the company determined that $4,023,000 of goodwill was impaired. C Governmental and legal costs of $6,720,000 were incurred on April 3 in obtaining a patent with an estimated economic life of 12 years. Amortization is to be for three-fourths of a year. Required: 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 amortzation, depletion, or impairment for each item. Refer to the Chart of Accounts for exact wording of account titles. 1. Dermine the amount of the amortization, depletion, or impairment for the current year for each of the items in the Instructions A s B $ $ Journalize the transactions and the adjusting entries on December 31. Refer to the Chart of Accounts for exact wording of account sites Scroll down to access pages 2 Cough 3 of the journal Timber rights on a tractor and were purchased for $3,280,540 on February 22. The stand of timber is estimad at 5,214,000 board foet. During the current year, 125,600 board feet of simber were cut and sold PAGE 1 JOURNAL ACCOUNTING EQUATION DATE DESCRIPTION POST.EE DERIT CREDIT ASSETS LILITIES ECUTY Adjusting Entries b. on December 31, the company dewmined that $4,023,000 of gedwill was impaired. PAGE 1 JOURNAL ACCOUNTING EQUATION DATE POST. HEF DERIT CREDIT ASSETS LIABILITIES EQUITY DESCRIPTION Adjusting Entries 2 c. Governmental and legal costs of $6,720,000 were incurred on April 3 in obtaining a parent with an estimated economic life of 12 years. Amorizadon is to be for three- fourths of a year. Governmental and legal costs of $6.720,000 were incurred on April 3 in obtaining a patient with an estimated economice of 12 years. Amortizasion is to be for three fourth of a year PAGE 1 JOURNAL ACCOUNTING EQUATION DATE DESCRIPTION POST. REF DERIT CREDIT ASSETS LILITIES EQUIY 1 Adjusting Entries 2