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Amplify Petroleum holds huge reserve oil.Assumed that at the end of the year of 2015,...

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Accounting

Amplify Petroleum holds huge reserve oil.Assumed that at the end of the year of 2015, Amplify Petroleum's cost of oil reserves totaled $ 80,000,000 , representing 100,000,000 barrels of oil. Suppose Amplify Petroleum removed and sold 20,000,000 barrels of oil during 2016. Journalize depletion expense for 2016.

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