Fitzgerald Oil and Gas incurred costs of $5.25 million for the acquisition and development of...
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Fitzgerald Oil and Gas incurred costs of $5.25 million for the acquisition and development of a natural gas deposit. The company expects to extract 2.10 million cubic feet of natural gas during a four-year period. Natural gas extracted during years 1 and 2 were 870,000 and 970,000 cubic feet, respectively. What was the depletion for year 1 and year 2?
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