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An oil well cost $2,010,000 and is calculated to hold 340,000 barrels of oil. There is no residual value. Which journal entry is needed to
An oil well cost $2,010,000 and is calculated to hold 340,000 barrels of oil. There is no residual value. Which journal entry is needed to record the expense for the extraction of 46,000 barrels of oil during the year? All 46,000 barrels were sold during the year. (Round any intermediate calculations to the nearest cent and your final answer to the nearest dollar.) 271,860 271,860 271,860 271,860 O A. Cost of Goods Sold - Oil Reserve Accumulated Depletion - Oil Reserve OB. Oil Reserve Inventory Accumulated Depletion - Oil Reserve O C. Depletion Expense Oil Reserve Accumulated Depletion Oil Reserve OD. Depletion Expense - Oil Reserve Oil Revenue 271,860 271,860 271,860 271,860 A fully depreciated plant asset_ O A. can be discarded, sold, or exchanged for another plant asset OB. is removed from the accounting records O C. can no longer be used in the business OD. is no longer reported on the balance sheet Tim's gross pay for this month is $9,150. His gross year-to-date pay, prior to this month, totaled $110,000. What is the amount of FICA tax withheld from Tim's pay for this month? (Assume an OASDI rate of 6.2%, applicable on the first $118,500 earnings, and a Medicare rate of 1.45%, applicable on all earnings. Do not round any intermediate calculations, and round your final answer to the nearest cent.) O A. $659.68 O B. $567.30 OC. $527.00 O D. $132.68 The gain or loss on the sale of a plant asset is determined by comparing the market value of assets received with the of asset sold. O A. salvage value O B. residual value O C. original cost O D. book value
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