Pacific Petroleum holds huge reserves of oil assets. Assume that at the end of 2016, Pacific Petroleum's cost of oil reserves totaled $35,000,000,000, representing 7,000,000,000 barrels of oil. Requirements 1. Which method does Pacific Petroleum use to compute depletion? 2. Suppose Pacific Petroleum removed and sold 300,000,000 barrels of oil during 2017. Journalize depletion expense for 2017. .. Requirement 1. Which method does Pacific Petroleum use to compute depletion? is the method used to compute depletion. Requirement 2. Suppose Pacific Petroleum removed and sold 300,000,000 barrels of oil during 2017. Journalize depletion expense for 2017. (Assume no residual value. Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Date Accounts and Explanation Debit Credit