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What is the depletion cost for the first year

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Reference no: EM132622077

Question - Devon Oil acquired the rights to various oil reserves at $20,000,000 on March 1, 2009. The estimated number is 5,000,000 barrels of oil.

(a) Determine the estimated depletion cost per barrel of oil.

(b) If 800,000 barrels are extracted the first year, what is the depletion cost for the first year?

(c) Illustrate or explain the effects on the accounts and financial statements for the depletion expense (a) (b) (c)?

Reference no: EM132622077

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