Calculate depletion. (LO 2) CNA Enterprises purchases an oil field and expects it to produce (1,000,000) barrels
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Calculate depletion. (LO 2)
CNA Enterprises purchases an oil field and expects it to produce \(1,000,000\) barrels of oil. The oil field, acquired in January 2006, cost CNA \(\$ 1.5\) million. In 2006, 280,000 barrels were produced. In 2007 , the oil field produced 350,000 barrels. What is the depletion for each of these years?
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