Question 9 of 10 This question: 1 point(s) possible Submit quiz North Coast Petroleum holds huge reserves of oil assets. Assume that at the end of 2024, North Coast Petroleum's cost of oil reserves totaled $32,000,000, representing 4,000,000 barrels of oil. Read the requirements Requirement 1. Which method does North Coast Petroleum use to compute depletion? is the method used to compute depletion Requirement 2. Suppose North Coast Petroleum removed and sold 400,000 barrels of oil during 2025. Journalize depletion expense for 2025. (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 Credit Debit