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An oil well with an estimated 100,000 barrels of crude oil is purchased for $5,000,000 with No salvage value a. If company extracts 4,000 barrels

An oil well with an estimated 100,000 barrels of crude oil is purchased for $5,000,000 with No salvage value a. If company extracts 4,000 barrels in a year one what is the depletion amount? b. Prepare formal journal entries

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