Sheridan Oil Company acquired property rights to search for natural resources on land that it is convinced has oil reserves, for $15,412,640. The contract requires that Sheridan restore the property to a status usable for a park after drilling and extraction are complete. The estimated cost of this restoration is $2,369,000. Sheridan incurs exploration costs of $1,316,000 and intangible development costs of $1,551,000. Geological surveys suggest that approximately 1,096,000 barrels of oil can be extracted from the site. In 2025 , Sheridan extracts 245,000 barrels of oil. (a) What is the depletion base for this location for Sheridan Oil