Amortization and depletion entries Instructions Starting questions Chart of Accounts Journal Instructions Data related to the acquisition of timber rights and intangible assots during the current year ended December 31 are as follows: A. Timber rights on a tract of land were purchased for $1,406,160 on February 22. The stand of timber is estimated at 5,859,000 board toot. During the current year, 1,145,800 board feet of timber were out and sold B. On December 31, the company determined that $3,522,000 of goodwill was Impaired. C. Governmental and legal costs of S7 194,000 were incurred on April 3 in obtaining a stent with an estimated economic life of 10 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 them. Refer to the Chart of Accounts for exact wording of account titles Amortization and depletion entries Instructions Starting questions Chart of Accounts Journal Starting questions 1. Determine the amount of the amortization, depletion, or impairment for the current year for each of the toms in the Instructions . $ B $ C $ Chart of Accounts ASSETS REVENUE 110 Cash 410 Sales 610 Interest Revenue 620 Gain on Sale of Vehicles 621 Gain on Sale of Equipment 111 Petty Cash 112 Accounts Receivable 114 Interest Receivable 115 Notes Receivable 116 Merchandise Inventory 117 Supplies 119 Prepaid Insurance 622 Gain on Sale of Timber Rights 623 Gain from Sale of Goodwill EXPENSES 120 Land 510 Cost of Merchandise Sold 123 Vehicles 520 Salaries Expense 124 Accumulated Depreciation-Vehicles 521 Advertising Expense 522 Depreciation Expense-Vehicles 125 Equipment 126 Accumulated Depreciation-Equipment 130 Timber Rights 131 Accumulated Depletion 523 Delivery Expense 524 Repairs and Maintenance Expense 529 Selling Expenses Amortization and depletion entries Instructions Starting questions Chart of Accounts Journal Chart of Accounts 529 Selling Expenses 131 Accumulated Depletion 132 Goodwill 531 Rent Expense 133 Patents LIABILITIES 210 Accounts Payable 211 Salaries Payable 213 Sales Tax Payable 214 Interest Payable 215 Notes Payable 532 Depreciation Expense-Equipment 533 Depletion Expense 534 Amortization Expense-Patents 535 Insurance Expense 536 Supplies Expense 539 Miscellaneous Expense 710 Interest Expense 720 Loss on Sale of Vehicles EQUITY 721 Loss on Sale of Equipment 722 Loss on Sale of Timber Rights 723 Loss from Impaired Goodwill 310 Owner's Capital 311 Owner's Drawing Chapter 09 Homework (Application) eBook Journal 2 Jourite the ansactions and the adusting entries on December 31. Refer to the Chart of Accounts for exact wording of accounts Scroll down to acons pages through of the journal a Timber rights on a tract of land were purchased for $1,406,160 on February 22. The stand of time is estimated at 80.000 board feet During the current you, 1.5.200 board for of timber were cutan PG JOURNAL ACCOUNTING EQUATION BATE POST RUN CREDIT ASSETS LATIES COUNTY DESCRIPTION Antis 6. On ober 31, the company formed at $3.522.000 of wil was more Chapter 09 Homework (Application) eBook Joumal On December 31, the company determined that 83,522.000 of 90s was impare, PAGE JOURNAL ACCOUNTING EQUATION DATE PORT CREDIT ASSETS OUT LATES DESCRIPTION Musting Entries c. love and legal costs of 87.112.000 wire incurred on April bing bin with an estimated comic life of 10 years. Amortization is to be for the bwth of your PAGE 1 JOURNAL ACCOUNTING EQUATION CREDIT METS POSTRO DATE DESCRUTION e Governmental and legal costs of $7,144.000 were incurred on April 3 in obtaining a lot with an estimated economice of 10 years. Amortization is to be for forms of a yar PAGE JOURNAL ACCOUNTING EQUATION DATE POST ADR BOT CELOT ALETS LIABILITIES TORTY DESCRIPTION Mutting Eneres