India Company purchased an oil producing well for $12,000,000 The well was expected to produce 500,000 barrels of oil over its useil life During 2023, the company extracted 60,000 barrels of oil The oil was sold for $50 per barrel Based on this information, how much depletion expense would India re...

o calculate the depletion expense for India Company in 2023 we need to use the unitofproduction meth ...

India Company purchased an oil producing well for $12,000,000. The well was expected to produce 500,000 barrels

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India Company purchased an oil producing well for $12,000,000. The well was expected to produce 500,000 barrels of oil over
its useﬁil life. During 2023, the company extracted 60,000 barrels of oil. The oil was sold for $50 per barrel. Based on this
information, how much depletion expense would India report in 2023?