Method Options: Double Declining Options, Straight-Line and Units of Production

Pacific Petroleum holds huge reserves of oil assets. Assume that at the end of 2018, Pacific Petroleum's cost of oil reserves totaled $81,000,000, representing 9,000,000 barrels of oil. Read the requirements. Requirement 1. Which method does Pacific Petroleum use to compute depletion? V is the method used to compute depletion. Requirements 1. Which method does Pacific Petroleum use to compute depletion? 2. Suppose Pacific Petroleum removed and sold 400,000 barrels of oil during 2019. Journalize depletion expense for 2019. Print Done