% S9-11 (similar to) Question Arabia Petroleum holds huge reserves of oil assets. Assume that at the end of 2018, Arabia Petroleum's cost of oil reserves totaled $48,000,000, representing 4,000,000 barrels of oil. Read the requirements. Requirement 1. Which method does Arabia Petroleum use to compute depletion? Units-of-production is the method used to compute depletion. Requirement 2. Suppose Arabia Petroleum removed and sold 700,000 barrels of oil during 2019. Journalize depletion expense for 2019. (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 Requirements 1. Which method does Arabia Petroleum use to compute depletion? 2. Suppose Arabia Petroleum removed and sold 700,000 barrels of oil during 2019. Journalize depletion expense for 2019. Print Done