4. Amplily Petroleum holds huge reserves of ol. 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. Joumalize depletion expense for 2018. (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 hoose from any list or enter any number in the input fields and then continue to the next question Attempts Sample Tests and Quizzes 5. On January 1, Red Manufacturing paid $69,600 for a patent. Although it gives legal protection for 20 years, the patent is expected to provide a competitive advantage for only six years. Assuming the straight line method of amortization, record the journal entry for amortization for Year 1. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Date Accounts and Explanation Debit Credit Dec. 31 6. Frank Company reported beginning and ending total assets of $260,000 and $200,000, respectively. Its net sales for the year was $287,500. What was Frank's asset turnover ratio? Begin by selecting the formula to calculate the company's asset turnover ratio. Then enter the amounts and calculate the ratio (Round the asset turnover ratio to two decimal places, XXX) Asset turnover ratio V