< Asian Petroleum holds huge reserves of oil assets. Assume that at the end of 2024, Asian Petroleum's cost of oil reserves totaled $63,000,000, representing 7,000,000 barrels of oil Read the requirements Requirement 1. Which method does Asian Petroleum use to compute depletion? is the method used to compute depletion Requirement 2. Suppose Asian Petroleum removed and sold 600,000 barrels of oil during 2025. Journalize depletion expense for 2025. (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 Depletion Expense-Ol Reserves Accumulated Depletion-Oil Reserves Requirements 1. Which method does Asian Petroleum use to compute depletion? 2. Suppose Asian Petroleum removed and sold 600,000 barrels of oil during 2025. Journalize depletion expense for 2025. Debit Credit