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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- Required information [The following information applies to the questions displayed below.] Peng Company is considering an investment expected to generate an average net income after taxes of $1,950 for three years. The investment costs $45,000 and has an estimated $6,000 salvage value. Compute the accounting rate of return for this investment; assume the company uses straight-line depreciation. Choose Numerator: 1 1 Accounting Rate of Return Choose Denominator: G OA coal mine contains approximately 900,000 tons of this material. The mine cost $13' 500, 000 million. The extraction during 2021, the first year of operations, was 120,000 tons. a) How much is the depletion in 2021? b) Suppose that in 2022 100,000 tons were extracted, what would be the net book value? c) Make the table of the depreciation calculation by the method that corresponds and is adequate to solve this exercise. Could you explain step by step and in detail?, pleaseAssume 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 $
- Required Information [The following information applies to the questions displayed below.] Peng Company is considering an investment expected to generate an average net income after taxes of $3,400 for three years. The investment costs $54,900 and has an estimated $10,200 salvage value. Assume Peng requires a 15% return on its investments. Compute the net present value of this investment. Assume the company uses straight-line depreciation. (PV of $1. FV of $1. PVA of $1. and FVA of $1) (Use appropriate factor(s) from the tables provided. Negative amounts should be indicated by a minus sign.) Cash Flow Annual cash flow Residual value Select Chart Net present value Amount x PV Factor = Present ValueMaggie Company expects to extract 20 million tons of coal from a mine that cost $12 million. If no salvage value is expected and 2 million tons are mined in the fırst year, the entry to record depletion will include a: Select one: a. credit to Depletion Expense of $1,200,000. b. The answer does not exist c. debit to Inventory of $1,200,000. d. debit to Accumulated Depletion of $2,000,000. e. credit to Accumulated Depletion of $2,000,000.A project has an initial cost of $34276 and a three-year life. The company uses straight-line depreciation to a book value of zero over the life of the project. The projected net income from the project is $1,700, $2,000, and $2377 a year for the next three years, respectively. What is the average accounting return? (Do not round intermediate calculations and enter your answer as a percent rounded to 2 decimal places, e.g., 32.16.)
- An oil well cost $2,090,000 and is calculated to hold 350,000 barrels of oil. There is no residual value. Which journal entry is needed to record the expense for the extraction of 55,000 barrels of oil during the year? All 55,000 barrels were sold during the year. (Round any intermediate calculations to the nearest cent, and your final answer to the nearest dollar) O A. Depletion Expense - Oil Reserve Accumulated Depletion - Oil Reserve OB. Oil Reserve Inventory Accumulated Depletion - Oil Reserve OC. Cost of Goods Sold - Oil Reserve Accumulated Depletion - Oil Reserve O D. Depletion Expense - Oil Reserve Oil Revenue 328,350 328,350 328,350 328,350 328,350 328,350 328,350 328,350 SICER! Required information [The following information applies to the questions displayed below.] On April 1, Cyclone Company purchases a trencher for $288,000. The machine is expected to last five years and have a salvage value of $44,000. Compute depreciation expense at December 31 for both the first year and second year assuming the company uses the straight-line method. Choose Numerator: Year Annual Depreciation First year Second year x × Choose Denominator: Annual Depreciation = Annual depreciation = Fraction of Year = Depreciation Expense = =Question. Tradewinds Construction Company had 4 dump trucks, 2 excavators, and other construction machinery worth $950,000 on January 1, 2020. During the year 2020, Seabreeze Construction spent $120,000 on two new trucks. The market value of all of the company's vehicles and construction machinery was $1,020,000 on December 31, 2020. 1) In 2020, what was Seabreeze's gross investment? 2) What was the depreciation amount in 2020? 3) In 2020, what was the net investment?
- Suppose a manufacturing company bought a machine for RM10,000,000. They have estimated the useful life of the machine to be 8 years with a salvage value of RM2,000,000. a. Calculate the annual depreciation of the asset using the straight-line method. b.Determine the annual depreciation using the double-declining balance method. Use the given table (below) to fill in the book value (beginning of each year), amount of annual depreciation and the book value (end of each the year) Year Book value (beginning of year) Depreciation Book value (end of year) 1 2 3 4 5 6 7 8An economic analysis is being performed in real (not actual) dollars. The company’s combined MARR is 10%, and the inflation rate is 4%. The asset has a first cost of $10,000. It will be depreciated as MACRS 3-year property using rates of 33.33%, 44.45%, 14.81%, and 7.41%. What depreciation amount will be shown in year 3 of the analysis?Can you show me how to do this one step by step? 11. DEF, Inc. purchased slot machines at the beginning of 2018 for $20,000. The machines have an estimated residual value of $2,000 and an estimated life of five years or 20,000 hours of operation. A. Using straight line depreciation, calculate the total accumulated depreciation at 12/31/19. B. Using units of production depreciation, calculate depreciation expense for 2018. Assume the machines operate at 5,000 ours in 2018. C. Using double declining balance depreciation, calculate the book value of the machine at 12/31/19.