In the same document, answer the following questions:Assume that on January 1, 2010, BP PLC invested .5 billion for oil rights at a new drilling site in the Indian Ocean. The oil site is estimated to contain 12 billion barrels of oil. Additionally, the company invested 5 million for a marine-based oil rig for this same drilling operation. This oil rig has a useful life of 30 years and no residual value. Actual drilling operations at this marine-based location begin in March 2011, with 750 million barrels retrieved in 2011, followed by 675 million barrels in 2012 and 825 million barrels in 2013. Provide expense estimates needed for adjusting journal entries for depreciation and depletion for the years 2011, 2012, and 2013 along with the related rationale for your estimates. Assume that adjusting entries for these expenses are made annually rather than monthly.
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