For each of the following unrelated transactions, (1) Timber rights were purchased on...
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Accounting
For each of the following unrelated transactions,
Timber rights were purchased on a tract of land for $ The timber is estimated at board feet. During the current year, board feet of timber were cut and sold.
Costs of $ were incurred on January to obtain a patent. Shortly thereafter, $ was spent in legal costs to successfully defend the patent against competitors. The patent has an estimated legal life of years.
a
Determine the amount of the amortization expense or depletion for the current year.
Amount of the depletion for the current year Timber
$
Amount of the amortization for the current year Patent $
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