Amortization and Depletion Entries Data 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...

Amortization and Depletion Entries

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

1. On December 31, the company determined that $1,030,000 of goodwill was impaired.


2. Governmental and legal costs of $12,960,000 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.


3. Timber rights on a tract of land were purchased for $1,560,000 on February 4. The stand of timber is estimated at 6,500,000 board feet. During the current year, 1,800,000 board feet of timber were cut and sold.

Required: