The MMD Oil Company provides the following information for the year ended December 31, 2014: PV of Future Gross revenues $80,000,000 PV of future related costs 28,000,000 Capitalized costs of proved properties 60,000,000 Unproved properties not being 12,000,000 amortized Accumulated DD&A & (6,000,000) Required: a. Prepare a ceiling test and an entry, if necessary, for the write-off of capitalized costs (ignore income taxes)