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Business, 03.12.2021 19:40 thicklooney

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 determined that $900,000 of goodwill was impaired. Governmental and legal costs of $15,840,000 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 $1,920,000 on February 4. The stand of timber is estimated at 8,000,000 board feet. During the current year, 2,200,000 board feet of timber were cut and sold.

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