Question 33 (3 points) Connors Oil purchased 10,000 acres of land on January 1, 2008, for $10,000,000, on which it developed an underground oil site. Connors spent $22,000,000 to prepare the site for operation. Connors estimates that 1,000,000 barrels of oil can be extracted from the site over seven years after drilling begins in 2009. The land has a residual value of $500,000. During 2009, 100,000 barrels of oil was extracted from the land. How much depletion was there in 2009? $3,200,000 $3,150,000 O $ 320,000 O$ 315,000 Question 34 (3 points) Current accounting standards indicate that the costs of intangible assets with an indefinite life, such as goodwill, should not be amortized, but should be reviewed annually for impairment. Obe reported on the statement of retained earnings in the year in which acquired. be amortized over a reasonable period of time not to exceed 40 years. Obe debited to an expense account entirely in the year in which acquired