4. Arabia Petroleum holds huge reserves of oil. Assume that at the end of 2017. Arabia Petroleum's cost of old reserves totaled $96.000.000, representing 160,000,000 barrels of oil. Suppose Arabia Petroleum removed and sold 5,000,000 barrels of oil 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 journal entry table) Date Accounts and Explanation Debit Credit TA. Aica Salvage, Inc., purchased equipment for $10,000. Arca recorded total depreciation of $8,000 on the equipment. Assume that can equipment for new equipment, paying $4,000 cash. The fair market value of the new equipment is 55,000. Journalize Arca'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 Less Book value of asset exchanged Cash paid Gain or (Loss) Journalize Arca's exchange of equipment (Record a single compound journal entry Record debits first, then credits. Select the explanation on the last line of the journal entry table) Date Accounts and Explanation Debit Credit