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An oil well cost $1,802,500 and is calculated to hold 160,000 barrels of oil. There...

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Accounting

An oil well cost $1,802,500 and is calculated to hold 160,000 barrels of oil. There is no residual value. Which journal entry is needed to record the expense for the extraction of 31,000 barrels of oil during the year? All 31,000 barrels were sold during the year. (Round any intermediate calculations to the nearest cent, and your final answer to the nearest dollar.)

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