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 currentyear, 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 amortzason, deptetion, or impaiment for the current year for each of the foregoing items: 2. Joumalize the adjusting entries required to record the amorozaton, depletion, or impairment for each item. Refer to the Chart of Accounts for exact wording of account tites. 1. Determine the amount of the amortization, depletion, or impairment for the current year for each of the items in the instructions. A. B C. 2. Journalize the tansactons and the adusting entries on December 31 . Refer to the Chart of Accounts for exact wording of accounf tides. Scroll down Io access pages through 3 of the ioumal 3. Timber nights on a tract of land were purchased for $1 , 600 , 000 on February 22 . The stand or bimber is estimared ar 5 , 000 , 000 board feet During the current year. 1,100,000 board feet of amber were cut and sold b. On December 31 , the company determined that $3 , 750 , 000 of goodwill was impaired. c. Governmenta and legal costs of 56 , 600 , 000 were incurred on Apoil 3 in obtaining a pafent Witt an estimated economic hfe of 12 years. Amortizadion is to be for three fourths of a year