Wildhorse Oil Company invests $ 1 9 . 0 0 million in an oil reserve estimated to

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Question:

Wildhorse Oil Company invests $

19.00

million in an oil reserve estimated to have

2.50

million barrels of oil and $

2.50

million salvage value. During the first year, the company extracted

830, 000

barrels.

(

)

What is the depletion cost per barrel?

Depletion cost per barrel

(

)

Prepare the entry to record depletion for year

1 . (

List all debit entry before credit entry. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select

\"

No Entry\' for the account titles and enter O for the amounts.

)

Account Titles and Explanation

Debit

Credit

Related Book For answer-question

Financial And Managerial Accounting

ISBN: 9781260728774

9th Edition

Authors: John J. Wild

See More Books

Posted Date: May 08, 2024 07:12 AM

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Wildhorse Oil Company invests $ 1 9 . 0 0 million in an oil reserve estimated to

Question:

Expert Answer:

a To calculate the depletion cost per barrel we need to divide the total investment in the oil reser... View the full answer

Financial And Managerial Accounting

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