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Yu company purchased a producing oil well for 5000000 the

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Yu Company purchased a producing oil well for $5,000,000. The well was expected to produce 500,000 barrels of oil over its useful life. During 2012 the company extracted 120,000 barrels of oil. The oil was sold for $40 per barrel. Assuming that the company incurred $1,440,000 in operating expenses other than depletion during 2012, how much net income would Yu report in 2012?

Reference no: EM13569775

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