4. World Petroleum holds huge reserves of oil. Assume that at the end of 2023,...
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4. World Petroleum holds huge reserves of oil. Assume that at the end of 2023, World Petroleum's cost of oil reserves totaled $108,000,000, representing 120,000,000 barrels of oil. Suppose World Petroleum removed and sold 5,000,000 barrels of oil during 2024. Journalize depletion expense for 2024. (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
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