Describe the accounting for natural resources,including their acquisition,cost allocation,and account titles.

The costs of natural resources are recorded as assets.Depletion is the process of allocating the cost of a natural resource to the period when it is consumed.Depletion is calculated by subtracting salvage value from cost and then dividing the result by the expected total unit production of the resource.The resulting amount is depletion expense per unit.The depletion per unit is multiplied by total units for the period to calculate the depletion expense for that period.Total depletion is carried in an accumulated depletion account.Natural resources are reported on the balance sheet at their cost minus accumulated depletion.