S8-15 (similar to) Question Help Kenmore Oil, a small Texas oil company, holds huge reserves of oil. Assume that at the end of 2018, Kenmore Oil's cost of oil reserves totaled approximately $23.8 million, representing 1.7 million barrels of oil reserves in the ground. Requirements Calculate Kenmore Oil's depletion expense per barrel of oil. 1 2. Suppose Kenmore Oil removed 400,000 barrels of oil during 2019 and sold all of these barrels during the year. Record Kenmore Oil's depletion expense for 2019. Requirement 1. Calculate Kenmore Oil's depletion expernse per barrel of oil. (Enter amounts in dollars and not in millions.) 14.00 Kenmore Oil's depletion expense per barrel of oil is $ Requirement 2. Suppose Kenmore Oil removed 400,000 barrels of oil during 2019 and sold all of these barrels during the year. Record Kenmore Oil's depletion expense for 2019. (Enter all amounts in dollars and not first, then credits. Exclude explanations from any journal entries.) millions. Record debits Journal Entry Date Accounts Debit Credit Accumulated depletion, oil reserves Depletion expense Mineral assets Oil reserves