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4- Assume an oil well cost $ 500,000 an is estimated to hold 50,000 barrels of oil. There is no residual value. 2000 barrels are

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4- Assume an oil well cost $ 500,000 an is estimated to hold 50,000 barrels of oil. There is no residual value. 2000 barrels are extracted during the year. General Journal Page Date Account Titles and Explanation Debit Credit

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