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#4 What is the correct answer? On March 1, 2014, Anniston Company purchased an oil well at a cost of $1,846,000. It is estimated that

image text in transcribed#4 What is the correct answer?
On March 1, 2014, Anniston Company purchased an oil well at a cost of $1,846,000. It is estimated that 240,000 barrels of oil can be produced over the remaining life of the well and the residual value of the well will be $190,000. During 2014, 24,000 barrels of oil were produced and 18,100 barrels were sold. Which of the following statements is correct with respect to the accounting for the oil well

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