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S9-11 (similar to) Question Help Alberta Petroleum holds huge reserves of oil assets. Assume that at the end of 2018, Alberta Petroleum's cost of oil reserves totaled $35,000,000, representing 5,000,000 barrels of oil. Read the requirements. Requirement 1. Which method does Alberta Petroleum use to compute depletion? Units-of-production is the method used to compute depletion. Requirement 2. Suppose Alberta Petroleum removed and sold 900,000 barrels of oil during 2019. Journalize depletion expense for 2019. (Assume no residua value. Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Date Accounts and Explanation Debit Credit Depletion Expense-Oil Reserves Accumulated Depletion-oil Reserves To record depletion 0 Requirements - X 1. Which method does Alberta Petroleum use to compute depletion? 2. Suppose Alberta Petroleum removed and sold 900,000 barrels of oil during 2019. Journalize depletion expense for 2019. Print Done Choose from any list or enter any number in the input fields and then click Check Answer. All parts showing Clear All Check