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4. TexAm Petroleum holds huge reserves of oil. Assume that at the end of 2017, TexAm Petroleum's cost of oil. reserves totaled $156,000,000, representing 120,000,000

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4. TexAm Petroleum holds huge reserves of oil. Assume that at the end of 2017, TexAm Petroleum's cost of oil. reserves totaled $156,000,000, representing 120,000,000 barrels of oil. Suppose TexAm Petroleum removed and sold 16,000,000 barrels of oil during 2018. Journalize depletion expense for 2018. (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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