British Petroleum (BP) holds huge reserves of oil and gas assets. Assume that at the end of
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British Petroleum (BP) holds huge reserves of oil and gas assets. Assume that at the end of 2006 , BP's cost of oil and gas reserves totaled \(\$ 24\) billion, representing 2.4 billion barrels of oil and gas.
1. Which depreciation method does BP use to compute depletion?
2. Suppose BP removed 0.5 billion barrels of oil during 2007. Record depletion expense for 2007.
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Kirti Kaushal
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