The ABC company had paid $2,000,000 for the initial license to search for oil. During 2020, ABC Company was exploring oil in two holes; A and B. the total exploration costs of holes A and B were $50,000,000 and $35,000,000 respectively. In addition, the company paid $10,000,000 for exploration license, and $4,000,000 to lease the land, and estimated the cost of restoration the land by $1,000,000. The company found out that only hole B is an economically feasible and estimated that the quantity that can be extracted from this hole over the coming 10 years is 5,000,000 Barrel of oil. During the year the company extracted 1,000,000 barrels of oil. The company uses successful effort method. Requhed: 1. Calculate the depletion expense per barrel 2. Calculate the depletion expense for this year and journalize its entry