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What depletion expense for the first year

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Problem 1: ?J.R. Enterprises purchases an oil well for $300 million. It is estimated that 5 million barrels can be extracted from the well and that the estimated residual value of the well will be $0. Depletion expense for the first year if 150,000 barrels were extracted and sold, would be (use the production method):

a.? $6,000,000

?b. $9,000,000

c.? $10,000,000??

d. $2,000,000

Reference no: EM132723733

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