. A Company purchased an oil well foe $10 million.It is estimated that 5 million barrels can he extracted from the well. Determine depletion expense assuming 4 million barrels are extracted and sold during the year a. $1,250,000 b. $8,000,000 c. S12.500,000 d. $8,750,000 The process of transferring the cost of metal ores and other minerals removed from the earth to an expense account is called a. depletion b. deferral. c, amortization. d. depreciation 30 A drilling company purchased a mining site for $450,000 on July 1, 2015. The company espects to mine ore for the next 1o years and anticipates that a total of 80,000 tons will be recovered. During 2015, the company extracted 5,800 tons of ore The depletion expense for the year 2015 is: a $45,000. b. S50,800. c. $5,860. d. $32,625 31 Goodwill is: a, amortized in a manner similar to other intangibles. b. written down only if an impairment in value occurs c. charged to expense immediately d. amortized over 40 years or its economic life, whichever is shorter 32.Which of the following is not an intangible asset? a, Goodwill b. Trademark c. Copyright d. Long-term receivable 33.---Liabilities due beyond one year are classified as a, current liabilities b. long-term liabilities c. contingent liabilities d. fixed liabilities 34. Which of the following will be classified as a current liability? a. Two-year notes payable b. Bonds payable c. Morntgage loan d. Unearned rent