July International Co. spent $250,000 to purchase an oil lease on January 1, 2019 July estimates 250,000 turdid lasted over 10 years and extracted 30,000 barrels in 2019. Using the units-of-production approach to record depletion where the December 31, 2019? Debit Depletion Expense, $250,000; credit Accumulated Depletion $250,000. Debit Depletion Expense, $25,000; credit Accumulated Depletion $25.000, No journal entry is required. ation Expense $30,000; credit Accumulated Depletion, $30.000