Starting questions Chart of Accounts Journal Instructions 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 $1,600,000 on February 22 The stand of timber is estimated at 5,000,000 board feet During the current year, 1,100,000 board feet of timber were cut and sold B. On December 31, the company determined that $3,750,000 of goodwill was impaired, C Governmental and legal costs of $6,600,000 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 amortization, depletion, or impairment for each item Refer to the Chart of Accounts for exact wording of account titles Starting questions Chart of Accounts Journal Instructions Journal Shaded cells have feedback 2. Journalize the transactions and the adjusting entries on December 31. Refer to the Chart of Accounts for exact wording of accounties Scroll down to access pages 2 through 3 of the journal a Timber nights on a tract of land were purchased for $1,600,000 on February 22. The stand of bimber is estimated at 5,000,000 board foot During the wront year, 1.100.000 board feet of timber were cut and sold Question not attempted. JOURNAL Score: 0/25 ACCOUNTING EQUATION POSTER CREDIT LARUTES DESCRIPTION COUNTY Journal c. Governmental and legal costs of 56,600,000 were incurred on April 3 in obtaining a potent with an estimated economic life of 12 years. Amortization is to be for three-fourths of a year Question not attempted. PAGES Score: 0/25 ACCOUNTING EQUATION JOURNAL ASSETS CREDIT LIABILITIES QUITY DESCRIPTION OST. REF. Adjusting Entries