Branden Oil Company recently purchased oil and natural gas reserves in a remote part of Alaska for 5800,000 . Brandon spent $10,000,000 preparing the oil for extraction from the ground. Brandon estimates that 120,000,000 barrels of ol will be extracted from the ground. The land has a residual value of $20,000. During the year, 14,750,000 barreis are extracted from the ground. Required: Calculate the amount of depletion taken in the current year. (Note: In your calculations, round depletion per barrel to two decimal places.)