Natural Resource and Intangible Accounting

Mcleansboro Oil Company acquired a small oil company with only three assets during a recent year. The assets were acquired for $$1,350,000$ cash.

$\backslash$table$[[$Asset$,$Fair Value,Expected Life$],[$Oil$,$$$1,125,000,55,000$ barrels$],[$Land$,78,000,$Indefinite$],[$Equipment$,62,000,550,000$ barrels$]]$

Required: entrv. leave it blank.

$2.$ If McLeansboro pumps and sells $11,000$ barrels of oil in $1$ year, compute the amount of depletion. Do not round intermediate calculations.

$ does not require an entry, leave it blank. Do not round intermediate calculations.