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Wildhorse Oil Company invests $ 1 9 . 0 0 million in an oil reserve estimated to have 2 . 5 0 million barrels of

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.
(a) What is the depletion cost per barrel?
Depletion cost per barrel


(b) 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

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