On 1/1/04 Jack of All Trades, Inc. bought the following assets for a combined purchase price of $75,000 cash: Asset Market Value (1/1/04) Useful life Residual Value Oil Well $60,000 5,000 barrels $10,000 Furniture $30,000 5 years $4,000 a. Show the journal entry for Jack of All Trades' asset purchase on 1/1/04 b. How much depletion expense should the company record on 12/31/04 if 1,200 barrels of oil were produced during 2004? c. Jack of All Trades uses the double-declining balance method for the furniture. Show the depreciation schedule. d. On 1/1/06, Jack of All Trades sells the furniture for $30,000. Show the journal entry for the sale.