Jackson Petroleum, a giant oil company, holds reserves of oil and gas assets. At the end of 2018, assume the cost of Jackson’s oil reserves totaled $180 billion, representing 10 billion barrels of oil in the ground.
1. Which depreciation method is similar to the depletion method that Jackson and other oil companies use to compute their annual depletion expense for the oil removed from the ground?
2. Suppose the company removed 1,000 million barrels of oil during 2019. Record this event. Show amounts in billions.
3. Assume that, of the amount removed in (2), the company sold 800 million barrels. Make the cost of sales entry.
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