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Amortization and depletion entriesData related to the acquisition of timber rights and intangible assets during...

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Accounting

Amortization and depletion entriesData related to the acquisition of timber rights and intangible assets during the current year ended December 31 are as follows:On December 31, the company determined that $1,100,000 of goodwill was impaired.Governmental and legal costs of $4,620,000 were incurred on September 30 in obtaining a patent with an estimated economic life of 15 years. Amortization is to be for one-fourth of a year.Timber rights on a tract of land were purchased for $550,000 on February 4. The stand of timber is estimated at 2,500,000 board feet. During the current year, 700,000 board feet of timber were cut and sold.Required:Question Content Area1. Determine the amount of the amortization, depletion, or impairment for the current year for each of the foregoing items. Do not round your intermediate calculation.ItemImpairment, Amortization or Depletion Expensea.fill in the blank 1 of 3$b.fill in the blank 2 of 3$c.fill in the blank 3 of 3$Question Content Area2. Journalize the adjusting entries to record the amortization, depletion, or impairment for each item. If an amount box does not require an entry, leave it blank.TransactionAccountDebitCredita.b.c.

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