Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Fitzgerald Oil and Gas incurred costs of $7.80 million for the acquisition and development of a natural gas deposit. The company expects to extract 3.90
Fitzgerald Oil and Gas incurred costs of $7.80 million for the acquisition and development of a natural gas deposit. The company expects to extract 3.90 million cubic feet of natural gas during a four-year period. Natural gas extracted during years 1 and 2 were 790,000 and 890,000 cubic feet, respectively. What was the depletion for year 1 and year 2? (Do not round your intermediate calculation. Enter your answers in whole dollars.)
year 1 depletion year 2 depletion
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started