Ajax Oil, a small Texas oil company, holds huge reserves of oil. Assume that at the end of 2016, Ajax Oil's cost of oil reserves totaled approximately $32.4 million, representing 2.7 million barrels of oil reserves in the ground. Requirements 1. Calculate Ajax Oil's depletion expense per barrel of oil 2. Suppose Ajax Oil removed 800,000 barrels of oil during 2017 and sold all of these barrels during the year. Record Ajax Oil's depletion expense for 2017. Requirement 1. Calculate Ajax Oil's depletion expense per barrel of oil. (Enter amounts in dollars and not in millions.) Ajax Oil's depletion expense per barrel of oil is