Ajax Petroleum holds huge reserves of oil assets. Assume that at the end of 2018, Ajax Petroleum's cost of oil reserves totaled $27,000,000, representing 3,000,000 barrels of oil. Read the requirements. Requirement 1. Which method does Ajax Petroleum use to compute depletion? Units-of-production is the method used to compute depletion. Requirement 2. Suppose Ajax Petroleum removed and sold 500,000 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.) Accounts and Explanation Date Debit Credit