4. Amplify Petroleum holds huge reserves of oil. Assume that at the end of 2024, Amplify Petroleum's cost of oil reserves totaled $80,000,000, representing 100,000,000 barrels of oil. Suppose Amplify Petroleum removed and sold20,000,000 barrels of oil during 2025. Journalize depletion expense for 2025. (Assume no residual value. Record debits first, then credits. Select the explanation on the last line of the journal entry table.)DateAccounts and ExplanationDebitCredit

Step 1: Depletion expense - Oil reserves account will be debited with the Depletion expense for…

Answered: 4. Amplify Petroleum holds huge…

Cornerstones of Cost Management (Cornerstones Series)

4th Edition

ISBN:9781305970663

Author:Don R. Hansen, Maryanne M. Mowen

Publisher:Don R. Hansen, Maryanne M. Mowen

Chapter19: Capital Investment

Section: Chapter Questions

Problem 6CE

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4. World Petroleum holds huge reserves of oil. Assume that at the end of 2023, World Petroleum's cost of oil reserves totaled $240,000,000, representing 160,000,000 barrels of oil. Suppose World Petroleum removed and sold 10,000,000 barrels of oil during 2024. Journalize depletion expense for 2024. (Assume no residual value. Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Date Accounts and Explanation Debit Credit
4. Arabia Petroleum holds huge reserves of oil. Assume that at the end of 2024, Arabia Petroleum's cost of oil reserves totaled $120,000,000, representing 200,000,000 barrels of oil. Suppose Arabia Petroleum removed and sold 10,000,000 barrels of oil during 2025. Journalize depletion expense for 2025. (Assume no residual value. Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Date Accounts and Explanation Accumulated Depletion-Oil Reserves Accumulated Depreciation-Oil Reserves Cash Depletion Expense-Oil Reserves Depreciation Expense-Oil Reserves Oil Reserves Debit Credit
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