India Company purchased a oil producing well for $12,000,000. The well was expected to produce 500,000 barrels of oil over its useful life. During 2020 , the company extracted 60,000 barrels of oil. The oil was sold for $50 per barrel. Based on this information, how much net income would India report in 2020? (Hint: Need to calculate depletion expense) a) $3,000,000. b) $1,440,000. c) $1,560,000. d) $1,960,000