Requirements 1. Which method does North Coast Petroleum use to compute depletion? 2. Suppose North Coast Petroleum removed and sold 800,000 barrels of oil during 2025. Journalize depletion expense for 2025. Print Done 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 $56,000,000, representing 8,000,000 barrels of oil. .. Requirement 2. Suppose North Coast Petroleum removed and sold 800,000 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 Debit Credit