Chico Company paid $490,000 for a basket purchase that included office furniture, a building and land. An appraiser provided the following estimates of the market values of the assets if they had been purchased separately: Office furniture, $105,000; Building, \$390,000; and Land, \$75,000. Based on this information, what is the cost that should be allocated to the office furniture? Note: Round intermediate percentage values to a whole percentage. On April 1, Year 1, Fossil Energy Company purchased an oil producing well at a cash cost of $6,370,000. It is estimated that the oil well contains 620,000 barrels of oil, of which only 520,000 can be profitably extracted. By December 31, Year 1, 26,000 barrels of oil were produced and sold. What is depletion expense for Year 1 on this well? Multiple Choice $106,167 $267,129 $318,500 $424,667