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Show the balances in the oil reserve

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Question - Texas Oil Company (TOC) paid $4,130,000 for an oil reserve estimated to hold 70,000 barrels of oil. Oil production is expected to be 15,000 barrels in year 1, 40,000 barrels in year 2, and 15,090 barrels in year 3. TOC expects to begin selling barrels from its all inventory in year 4. Assuming these estimates prove to be accurate, show the balances in the oil reserve, accumulated depletion, and oil inventory accounts at the end of year 2.

Reference no: EM133073326

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