Muriel Company purchased an oil field for $4,200,000 cash. The

Muriel Company purchased an oil field for $4,200,000 cash. The oil field contains an estimated 600,000 barrels of oil. During the first year of operation, the company extracts and sells 70,000 barrels of oil. Compute the amount of depletion expense, and make the necessary journal entry to record depletion expense for the year.