Depletion Oozzy Oil Company paid $35,000,000 to acquire an oil well containing an estimated 7 million barrels of crude oil. Oozzy immediately invested an additional

$1,400,000 preparing the well for production. During the first four years of production, Oozzy pumped and sold 1,200,000, 1,600,000, 1,500,000, and 1,300,000 barrels of oil from the well. Compute the following:

a. Amount of depletion to be recorded in each of the four years.

b. Amount of accumulated depletion at the end of each of the four years.

c. Book value of Oozzy’s investment in the oil well at the end of each of the four years.