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An oil well costs $500,000 and is estimated to hold 100,000 barrels of oil. There is no residual value. If 15,000 barrels are extracted and

An oil well costs $500,000 and is estimated to hold 100,000 barrels of oil. There is no residual value.

If 15,000 barrels are extracted and sold during the year, what is the depletion expense?

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