Business, 23.03.2021 05:00, harvzoie

On April 1, Year 1, Fossil Energy Company purchased an oil producing well at a cash cost of $11,100,000. It is estimated that the oil well contains 840,000 barrels of oil, of which only 740,000 can be profitably extracted. By December 31, Year 1, 37,000 barrels of oil were produced and sold. What is depletion expense for Year 1 on this well

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On April 1, Year 1, Fossil Energy Company purchased an oil producing well at a cash cost of $11,100,...