Requirement 1. Which depreciation method is similar to the depletion method that Ajax Petroleum and other oil companies use to compute their annual depletion expense for the minerals removed from the ground? is similar to the depletion method that Ajax Petroleum and other oil companies use to compute their annual depletion expense for the minerals removed from the ground. Requirement 2. Suppose Ajax Petroleum removed 0.2 billion barrels of oil during 20X7. Record depletion expense for the year. Show amounts in billions. (Record debits first, then credits. Explanations are not required. Enter amounts in billions. Round all calculations and the final answer to the nearest tenth of a billion, X.X.) Ajax Petroleum, the giant oil company, holds reserves of oil and gas assets. At the end of 20X, assume the cost of Ajax Petroleum's mineral assets totaled $540 billion, representing 12 billion barrels of oil in the ground. Read the Requirement 1. Which depreciation method is similar to the depletion method that Ajax Petroleum and other oil companies use to compute their annual depletion expense for the minerals remove from the ground? is similar to the depletion method that Ajax Petroleum and other oil companies use to compute their annual depletion expense for the minerals removed from the groun sum removed 0.2 billion barrels of oil during 20X7. Record depletion expense for the year. Show amounts in billions. (Record debits first, then credits. imounts in billions. Round all calculations and the final answer to the nearest tenth of a billion, X.X.) Ajax Petroleum, the giant oil company, holds reserves of oil and gas assets. At the end of 20X6, assume the cost of Ajax Petroleum's mineral assets totaled $540 billion, representing 12 billion barrels of oil in the ground. Read the Requirement 1. Which depreciation method is similar to the depletion method that Ajax Petroleum and other oil companies use to compute their annual depletion expense for the minerals removec from the ground? is similar to the depletion method that Ajax Petroleum and other oil companies use to compute their annual depletion expense for the minerals removed from the grounc Requirement 2. Suppose Ajax Petroleum removed 0.2 billion barrels of oil during 20X7. Record depletion expense for the year. Show amounts in billions. (Record debits first, then credits. Explanations are not required. Enter amounts in billions. Round all calculations and the final answer to the nearest tenth of a billion, X.X.) ion. Report Mineral Assets and Accumulated Depletion at December 31, 20X7. Do lions. Round all calculations and the final answer to the nearest tenth of a billion, X.X.) Requirement 3. At December 31, 20X6, Ajax Petroleum's Accumulated Depletion account stood at $55 billion. Report Mineral Assets and Accumulated Depletion at December 31 , 20X7. Do Ajax Petroleum's Mineral Assets appear to be plentiful or mostly used up? Give your reason. Begin by reporting Mineral Assets and Accumulated Depletion at December 31, 20X7. (Enter amounts in billions. Round all calculations and the final answer to the nearest tenth of a billion, X.X.) Do Ajax Petroleum's Mineral Assets appear to be plentiful or mostly used up? Give your reason. Ajax Petroleum's minerals are 12% Accumulated depletion is relative to the cost of the mineral assets. I x Petroleum's Accumulated Depletion account stood at $55 billion. Report Mineral Assets and Accumulated Depletion at December 31,207. Do Less: Accumulated depletion e plentiful or mostly used up? Give your reason. nulated Depletion at December 31, 20X7. (Enter amounts in billions. Round all calculations and the final answer to the nearest tenth of a billion, X.X.) Less: Depletion expense Ilions Do Ajax Petroleum's Mineral Assets appear to be plentiful or mostly used up? Give your reason. Ajax Petroleum's minerals are 12% Accumulated depletion is relative to the cost of the mineral assets. Requirement 3. At December 31, 20X6, Ajax Petroleum's Accumulated Depletion account stood at $55 billion. Report Mineral Assets and Accumulated Depletion at December 31,207. Do tiax Petroleum's Mineral Assets appear to be plentiful or mostly used up? Give your reason. Segin by reporting Mineral Assets and Accumulated Depletion at December 31, 20X7. (Enter amounts in billions. Round all calculations and the final answer to the nearest tenth of a billion, X.X.) At December 31, 20X7: less than Do Ajax Petroleum's Mineral A: more than ntiful or mostly used up? Give your reason. Ljax Petroleum's minerals are 12% . Accumulated depletion is relative to the cost of the mineral assets. Requirement 3. At December 31, 20X6, Ajax Petroleum's Accumulated Depletion account stood at $55 billion. Report Mineral Assets and Accumulated Depletion at December 31,207. Do Ajax Petroleum's Mineral Assets appear to be plentiful or mostly used up? Give your reason. Begin by reporting Mineral Assets and Accumulated Depletion at December 31, 20X7. (Enter amounts in billions. Round all calculations and the final answer to the nearest tenth of a billion, X.X.) Do Ajax Petroleum's Mineral Assets appear to be ? Give your reason. Ajax Petroleum's minerals are 12% Accumulated depletion is relative to the cost of the mineral assets. Requirement 3. At December 31, 20X6, Ajax Petroleum's Accumulated Depletion account stood at $55 billion. Report Mineral Assets and Accumulated Depletion at December 31 , 20X7. Do Ajax Petroleum's Mineral Assets appear to be plentiful or mostly used up? Give your reason. Begin by reporting Mineral Assets and Accumulated Depletion at December 31, 20X7. (Enter amounts in billions. Round all calculations and the final answer to the nearest tenth of a billion, X.X.) Do Ajax Petroleum's Mineral Assets appear to be plentiful or mostly used up? Give your reas Ajax Petroleum's minerals are 12% Accumulated depletion is relative to the cost of the mineral assets