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 sold 20,000,000 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 Debit Credit
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- Amplify Petroleum holds huge reserves of oil. Assume that at the end of 2023, Amplify Petroleum's cost of oil reserves totaled $80,000,000, representing 100,000,000 barrels of oil. Suppose Amplify Petroleum removed and sold 20,000,000 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.)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 Credit4. 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
- 4. Amplify Petroleum holds huge reserves of oil. Assume that at the end of 2017, Amplify Petroleum's cost of oil reserves totaled $80,000,000, representing 100,000,000 barrels of oil. Suppose Amplify Petroleum removed and sold 20,000,000 barrels of oil during 2018 Journalize depletion expense for 2018. (Assume na residual value. Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Date Accounts and Explanation Depletion Expense-Oil Reserves Accumulated Depletion-Oil Reserves To record depletion. Debit 16,000,000 Credit 16,000,000North Coast Petroleum holds huge reserves of oil assets. Assume that at the end of 2024, North Coast Petroleum's cost of oil reserves totaled $60,000,000, representing 6,000,000 barrels of oil. Read the requirements. -C Requirement 1. Which method does North Coast Petroleum use to compute depletion? is the method used to compute depletion. Requirement 2. Suppose North Coast Petroleum removed and sold 900,000 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 Units-of-production Debit CreditSouth Shore Petroleum holds huge reserves of oil assets. Assume that at the end of 2018, South Shore Petroleum's cost of oil reserves totaled $99,000,000, representing 9,000,000 barrels of oil. Read the requirements. Requirement 1. Which method does South Shore Petroleum use to compute depletion? is the method used to compute depletion. Requirement 2. Suppose South Shore Petroleum removed and sold 300,000 barrels of oil during 2019. Journalize depletion expense for 2019. (Assume no residual value. Record debits first, then credits. Select the explanation on the last line of the journal entry table.)
- South Shore Petroleum holds huge reserves of oil assets. Assume that at the end of 2018,South Shore Petroleum cost of oil reserves totaled $56,000,000, representing 7,000,000 barrels of oil. Requirement 2.Suppose South Shore PetroleumS removed and sold 600,000 barrels of oil during 2019. Journalize depletion expense for 2019.Alberta Petroleum holds huge reserves of oil assets. Assume that at the end of 2024, Alberta Petroleum's cost of oil reserves totaled $44,000,000, representing 4,000,000 barrels of oil. Read the requirements. Requirement 1. Which method does Alberta Petroleum use to compute depletion? is the method used to compute depletion. Requirements 1. Which method does Alberta Petroleum use to compute depletion? 2. Suppose Alberta Petroleum removed and sold 500,000 barrels of oil during 2025. Journalize depletion expense for 2025. Print Done - XAccounting for the depletion of natural resources Ajax Petroleum holds huge reserves of oil assets. Assume that at the end of 2018, Ajax Petroleum’s cost of oil reserves totaled $27,000,000, representing 3,000,000 barrels of oil. Requirements Which method does Ajax Petroleum use to compute depletion? Suppose Ajax Petroleum removed and sold 500,000 barrels of oil during 2019. Journalize depletion expense for 2019.
- During 2018, Starbucks purchased fixed assets costing approximately $1.8 billion. Assume that the company purchased the assets at the beginning of the year, uses straight-line depreciation, and normally depreciates its equipment over four years. Assume a zero salvage value. a. Compute the book value of the equipment at the end of each of the four years. b. Complete a chart like the following. 2018 2019 2020 2021 Total Depreciation expense (in millions) Cash outflow associated with purchase of equipment (in millions)The Nelson Oil company estimated that the oil reserve it acquired in 2016 would produce 4 million barrels of oil. The company extracted 300,000 barrels the first year, 500,000 barrels in 2017, and 600,000 barres in 2018. Nelson paid $32,000,000 for the oil reserve. a. Compute the depletion expenses for each year 2016,2017,2018b. Prepare the journal entries to record I. acquisition of the oil reserve and Ii. The deletion for 2016Assume the information given in part (c) above. Also assume that the benefits of the input device and processor are expected to flow to Blossom evenly over time, but that the output device is expected to provide the greatest benefits in the early years. Calculate the amount of depreciation for 2023 using the most appropriate methods. (Round percentage to 2 decimal places eg 52.75 and round final answers to the nearest dollar, e.g. 5,275) Depreciation for 2023 $