Aggie Oil Company, an independent producer, has average production from Lease A of 100 barrels per day
Question:
Aggie Oil Company, an independent producer, has average production from Lease A of 100 barrels per day in 20XA from Lease A. The average selling price of oil in 20XA is \($23\) a barrel. Net income from Lease A in 20XA is \($325,000\) and taxable income of the company is \($800,000.\)
Compute percentage depletion.
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Related Book For 
Fundamentals Of Oil And Gas Accounting
ISBN: 9780878147939
4th Edition
Authors: Rebecca A. Gallun, Ph.D. Wright, Charlotte J, Linda M. Nichols, John W. Stevenson
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