Controlling operations is a key responsibility of a business manager. O True O False In 2018, a corporation purchased a small business for $250,000. The market value of the small business's assets was $400,000, and the market value of the liabilities was $200,000. The corporation recorded goodwill of $50,000 at the time of acquisition. At the end of 2019, it measured goodwill and found it had a remaining fair value of only $20,000. At year-end 2019, the corporation will A. record accumulated depletion B. record an impairment loss C. record a gain in goodwill D. record a loss on sale of assets An oil well cost $2.070,000 and is calculated to hold 320,000 barsofl. There is no residual value. Which journal entry is needed to record the expense for the extraction of 47,000 barrels of oil during the year? All 47,000 barrels were sold during the year. (Round any intermediate calculations to the nearest cent, and your final answer to the nearest dollar.) OA. Cost of Goods Sold Oil Reserve 304,090 Accumulated Depletion - Oil Reserve 304,090 B. Depletion Expense-Oil Reserve OC. Depletion Expense - Oil Reserve OD. Oil Reserve Inventory 304,090 Accumulated Depletion - Oil Reserve 04,090 Oil Revenue 304,090 304,090 Accumulated Depletion Oil Reserve 304,090