Question: For example, if an entity had a fuel oil asset of $2,000 at the beginning of March and used $500 of fuel oil during March,

For example, if an entity had a fuel oil asset of $2,000 at the beginning of March and used $500 of fuel oil during March, the entity will recognize $ of fuel oil expense for March, and it will also recognize an equal decrease of $ in the fuel oil asset.

On the balance sheet of March 31, the fuel oil asset will be reported at $ .

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