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Chart of Accounts General Journal Instructions Carter Co. acquired drilling rights for s18,550,000. The oil deposit is estimated at 00 gallons. During the current year,

Chart of Accounts General Journal Instructions Carter Co. acquired drilling rights for s18,550,000. The oil deposit is estimated at 00 gallons. During the current year, 6,000,000 gallons were drilled. Required: Journalize the adjusting entry at December 31 to recognize the depletion expense. Refer to the chart of Accounts for exact wording of account titles

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