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2. Please calculate the depletion expense and make the journal entry. You purchased land with an oil basin for $2,500,000. Your geologist estimates 130,000

2. Please calculate the depletion expense and make the journal entry. You purchased land with an oil basin for $2,500,000. Your geologist estimates 130,000 barrels. You pulled out 35,000 barrels of oil this year.

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