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4. BB Petroleum holds huge reserves of oil. Assume that at the end of 2023 , BB Petroleum's cost of oil reserves totaled $300,000,000, representing

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4. BB Petroleum holds huge reserves of oil. Assume that at the end of 2023 , BB Petroleum's cost of oil reserves totaled $300,000,000, representing 200,000,000 barrels of oil Suppose BB Petroleum removed and sold 16,000,000 barrels of oil during 2024 Joumalize depletion expense for 2024. (Assume no residual value. Record debits first, then credits. Select the explanation on the last line of the journal entry table.)

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