VII An oil reserve was purchased for $750,000,000 and it is estimated that there are 15,000,000 barrels of oil with no salvage value. In the first year, 2,000,000 barrels of oil were extracted. Record the depletion. IX. Lax Co. purchased a patent for $8,000,000 and is estimated to have a 10-year life and no salvage value. Record the purchase of the patent and then the amortization for the 5th year