Exercise 16-9 Objective: To record amortization and depletion Williams Company has two long-term assets other than its plant assets. It owns that cost $544,000 and is to be amortized over a period of 17 years. Williams ao owns an oil well that cost $6,000,000 and is expected to yield 8,000,000 barrls of a During the current year, 1,200,000 barrels are extracted. Directions: Prepare general journal entries to record (a) amortization of the ater ad (b) depletion of the oil well for the current year