4. Alberta Petroleum holds huge reserves of oil. Assume that at the end of 2017 Alberta Pet eum's cost of oil reserves totaled168 000 000 epresenting 240,000,000 barres of oil. Suppose Aberta Petroleum removed and sold 30,000,000 barrels of ail during 2018. Journalize depletion expense for 2018. (Assume no residual value. Record debits first, then credits. Select the explanation on the last line of the joumal entry table.) Debit Date Accounts and Explanation Credit 7A. CD Warehouse purchased equipment for $16,000. CD recorded total depreciation of $12,000 on the equipment. Assume that CD exchanged the old equipment for new equipment, paying $7,500 cash. The fair market value of the new equipment is $11,300. Journalize CD's exchange of equipment. Assume this exchange has commercial substance. Let's begin by calculating the gain or loss on the exchange of equipment. (Enter a loss with a minus sign or parentheses.) Market value of assets received Book value of asset exchanged Cash paid Gain or (Loss) Journalize CD's exchange of equipment. (Record a single compound journal entry. Record debits first, then credits. Select the explanation on the last line of the joumal entry table.) DebltCredit Date Accounts and Explanation