S8-15 (similar to) Question Help * Ajax Oil, a small Texas oil company, holds huge reserves of oil. Assume that at the end of 2018, Ajax Oil's cost of oil reserves totaled approximately $28 million, representing 3.5 million barrels of oil reserves in the ground Requirements 1. Calculate Ajax Oil's depletion expense per barrel of oil. 2. Suppose Ajax Oil removed 500,000 barrels of oil during 2019 and sold all of these barrels during the year. Record Ajax Oil's depletion expense for 2019. Requirement 1. Calculate Ajax Oil's depletion expense per barrel of oil. (Enter amounts in dollars and not in millions.) Ajax Oil's depletion expense per barrel of oil is