Southshore petroleum hold huge reserves of oil assets. Assume that at the end of 2018, South Shore petroleums cost of oil reserves totaled $20 million, representing 4 million barrels of oil.

requirement 2. suppose South Shore petroleum removed and sold 700,000 barrels of oil during 2019. Journalize the depreciation expense for 2019

South Shore Petroleum holds huge reserves of oil assets. Assume that at the end of 2018, South Shore Petroleum's cost of oil reser Read the requirements. Requirement 1. Which method does South Shore Petroleum use to compute depletion? is the method used to compute depletion. Requirement 2. Suppose South Shore Petroleum removed and sold 700,000 barrels of oil during 2019. Journalize depletion expense the journal entry table. Check your spelling carefully and do not abbreviate.) Date Accounts and Explanation Debit Credit 700,000 barrels of oil during 2019. Journalize depletion expense for 2019. (Assume no residual value. wiate.) i Requirements 1. Which method does South Shore Petroleum use to compute depletion? 2. Suppose South Shore Petroleum removed and sold 700,000 barrels of oil during 2019. Journalize depletion expense for 2019. Print Done