TexAm Petroleum holds huge reserves of oil and gas assets. Assume that at the end of 2012,
Question:
Requirements
1. Which depreciation method does TexAm Petroleum use to compute depletion?
2. Suppose TexAm Petroleum removed 400,000,000 barrels of oil during 2013. Journalize depletion expense for 2013.
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Related Book For 
Financial and Managerial Accounting
ISBN: 978-0132497978
3rd Edition
Authors: Horngren, Harrison, Oliver
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