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How much depletion expense should be recorded

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Question 1: SML International owns an oil field with an estimated 10,000,000 barrels of oil in it. The oil field was acquired at a cost of $25,000,000. In 2003, 1,000,000 barrels were produced and in 2004 1,750,000 barrels were produced. How much depletion expense should be recorded in 2003 and 2004 based on this information? How the SML International reflect its oil field in her balance sheet of 2004.

Reference no: EM132508815

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