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a. On December 3t, the conpany detecmined that 1910,000 of esodied aus impaired. Requireat: Data related to the acquistion of timber rights and intangible assets during the current year ended December 31 are as follows: a. On December 31 , the company determined that $910,000 of goodwill was impaired. b. Governmental and legal costs of $9,384,000 were incurred on September 30 in obtaining a patent with an estimated economic life of 12 years. Amortization is to be che-fourth of a year. 6. Timber rights on a tract of land were purchased for $1,445,000 on February 4, The stand of timber is estimated at 8,500,000 board feet, During the current year, 2,300,000 board feet of timber were cut and sold. Required: 1. Determine the amounk of the amortization, depletion, or impaiment for the current year for each of the foregoing items, Do not round your intermediate calculation. Amortization and cophation entries Data related to the acquisition of timber rights and intangible assots during the current year ended December 31 are as follows: a. On December 31, the company determined that $910,000 of goodwill was impaired. b. Govemmental and legal costs of $9,384,000 were incurred on September 30 in obtaining a patent with an estimated economic life of 12 years. Amortization is to be one-fourth of a year. c. Timber rights on a trect of land were purchased for $1,445,000 on February 4, The stand of timber is estimated at 8,500,000 board feet. During the current year, 2.300,000 board feet of timber were cut and sold. Required: 1. Determine the ansount of the amortization, desletion, or impairment for the current year for each of the foregoing items. Do not round your intermediate calculation. 2. Journalize the adjusting entries to record the amcrtization, depletion; or impairment for each item. If an amount box does not require an entry, leave it blank

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