Problem 4 New World Energy Corp purchased an oil well in the Gulf of Mexico in February 2018. The cost of the well was $12.000.000 Scientists estimate that the well will provide 600.000 barrels of oil. It is estimated that the well will have no salvage value. Calculate the depletion cost per barrel over the life of this well Oil production from this well totaled 80.000 barrels during 2018 Record the journal entry 2018 for depletion. Show calculation