26) 26) An oil well cost $1,782,500 and is calculated to hold 150,000 barrels of oil. There is no residual value. Which joumal entry is needed to record the expense for the extraction of 40,000 barrels of oil during the year? All 40,000 barrels were sold during the year. (Round any intermediate calculations to the nearest cent, and your final answer to the nearest dollar.) A) Oil Reserve Inventory 475,200 Accumulated Depletion - Oil Reserve 475,200 475,200 B) Cost of Goods Sold - Oil Reserve Accumulated Depletion - Oil Reserve 475,200 C) Depletion Expense - Oil Reserve Oil Revenue (475,200 475,200 475,200 D) Depletion Expense - Oil Reserve Accumulated Depletion-Oil Reserve 475,200 27) 27) The cost of an asset is $1,110,000, and its residual value is $110,000. Estimated useful life of the asset is eight years. Calculate depreciation for the second year using the double-declining-balance method of depreciation. (Do not round any intermediate calculations, and round your final answer to the nearest dollar.) A) $208,125 B) $125,000 C) $250,000 D) $138,750 28) 28) A company's Cash account shows an ending balance of $4200. Reconciling items included a bookkeeper error of $50 (a $550 check recorded as $600), two outstanding checks totaling $810, a service charge of $25, a deposit in transit of $280, and interest revenue of $33. What is the adjusted book balance? A) $4730 B) 54258 C) $4142 D) $3670 29) 29) Under the net method of handling credit and debit card payments, the A) credit to the sales revenue is selling price less the transaction fee B) processing fee is debited to the Credit Card Expense account on the date of sale C) net amount of the sale is credited to the Sales Revenue account on the date of sale D) business writes a check to the third-party processor for the processing fee 30) 30) What is the maturity value of a 6-month, 13% note for $80,000? (Round any intermediate calculations to two decimal places, and your final answer to the nearest dollar.) A) 585,200 B) $80,000 C) $90,400 D) $82,000