Essay
SML International owns an oil field that contains an estimated 10,000,000 barrels of oil.The oil field was acquired at a cost of $35,000,000 and has no salvage value.In 2011,1,000,000 barrels were produced and in 2012,1,750,000 barrels were produced.How much depletion expense should be recorded in 2011 and 2012?
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$35 million / 10 million barre...View Answer
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