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

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Accounting

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North Coast Petroleum holds huge reserves of oil assets. Assume that at the end of 2018, North Coast Petroleum's cost of oil reserves totaled $54,000,000, representing 9,000,000 barrels of oil. Read the requirements. Requirement 1. Which method does North Coast Petroleum use to compute depletion? V is the method used to compute depletion. Requirement 2. Suppose North Coast Petroleum removed and sold 300,000 barrels of oil during 2019. Journalize depletion expense for 2019. (Assume no residual value. Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Date Accounts and Explanation Debit Credit

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