Question: Fitzgerald Oil and Gas incurred costs of 8 25 million for
Fitzgerald Oil and Gas incurred costs of $8.25 million for the acquisition and development of a natural gas deposit. The company expects to extract 3 million cubic feet of natural gas during a four-year period. Natural gas extracted during year 1 and year 2 were 700,000 and 800,000 cubic feet, respectively. What was the depletion for year 1 and year 2?
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