Which of the following is NOT true regarding depletion?
◦ Depletion is an expense that applies to the natural resources in the same way depreciation applies to fixed assets.
◦ Depletion is an expense that applies to natural resources in the same way amortization applies to intangible assets.
◦ Depletion is the systematic reduction of a natural resource's carrying value on the books.
◦ Depletion is computed in a similar manner to straight-line depreciation.