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Nar West Coast Petroleum holds huge reserves of oil assets. Assume that at the end...

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Accounting

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Nar West Coast Petroleum holds huge reserves of oil assets. Assume that at the end of 2024, West Coast Petroleum's cost of oil reserves totaled $60,000,000 Due representing 5,000,000 barrels of oil. Cur Read the requirements Atte Requirement 1. Which method does West Coast Petroleum use to compute depletion? This is the method used to compute depletion Vies Nai A truck costs $67,000 when new and has accumulated depreciation of $55,000. Suppose Dave Towing exchanges the truck for a new truck. The new truck has a Due market value of $68,000, and Dave pays cash of $52,000. Assume the exchange has commercial substance. What is the result of this exchange? Cur O A No gain or loss Atte B. Gain of $56,000 This OC. Gain of $4.000 Vies D. Loss of $4,000

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