PR 10-6A Data year ended December 31 are as follows: a. Timber rights on a tract of land were purchased for $1.600,000 on February 22. The stand of timber is Amortization and depletion entries OBJ. 4,5 related to the acquisition of timber rights and intangible assets during the current estimated at 5,000,000 board feet. During the current year, 1,100,000 board feet of timber were cut and sold. b. On December 31, the company determined that $3,750,000 of goodvwill was impaired. c. Governmental and legal costs of $6,600,000 were incurred on April 3 in obtaining a patent with an esti Instructions 1. Determine the amount of the amortization, depletion, or impairment for the current 2. Journalize the adjusting entries required to record the amortization, depletion, or im mated economic life of 12 years. Amortization is to be for three-fourths of a year year for each of the foregoing items. pairment for each item.
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