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A company purchases an oil well for 350000 with an

Question - A company purchases an oil well for $350,000 with an estimated salvage value of $10,000. It estimates that the well contains 876,000 barrels of oil, and during the first year, it extracts 284,000 barrels. How much depletion should be recorded for the first year?

a. $110,228

b. $123,913

c. $198,164

d. $129,291

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Accounting Basics: A company purchases an oil well for 350000 with an

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