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Data related to the acquisition of timber rights and intangible assets during the current year ended December 31 are as follows: A

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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 $3,589,500 on February 22. The stand of timber is estimated at 4,786,000 board feet During the current year, 1.127.100 board feet of timber were cut and sold B. On December 31, the company determined that $3,599,000 of goodwill was impaired. 6. Governmental and legal costs of $7,140,000 were incurred on April 3 in obtaining a patent 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 impaiment for the current year for each of the foregoing items. 2. Joumalize the adjusting entries required to record the amortization depletion, or impairment for each item Refer to the Chart of Accounts for exact wording of account titles
1. Determine the amount of the amortization, depletion or impairment for the current year for each of the items in the instructions A B $3.550,500 X $3.599.000 $3,589,500 X C
2. Journal the transactions and the interes on December or to the art of Accounts for recording of conte sotto page fough of them Timbers ontract of land for 3 500 00 on Feb 22: The of time at 78.000 bother Board mercut Question not attempted JOULAL Scor: 6/25 ACCOUNTING UNION De
On December 31, the company determined that 83,599,000 of goodwill was impaired Question not attempted. Or JOURNAL Score: 0/25 ACCOUNTING EQUATION DATE DESCRPTION BOSC DE CREDIT LAGUTIE EQUITY Adjusting Enes
Pour c Government and legal costs of 570.000 were incurred on April 3 in obtaining a gater with an estimated economice of 10 years. Amortization to be for Defourth of your Question not attempted JOURNAL Scores 0/25 ACCOUNTING EQUATION DATE HOIT DITOR Adjustin bis OT LAUTE BOUT Point