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On April 1, Year 1, Fossil Energy Company purchased an oll-producing well at a cash...

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On April 1, Year 1, Fossil Energy Company purchased an oll-producing well at a cash cost of $8,800,000. It is estimated that the oil well contains 740,000 barrels of oil, of which only 640,000 can be profitably extracted By December 31, Year 1, 32,000 barrels of oil were produced and sold. The amount of depletion for Year 1 on this well would be (Do not round intermediate calculations.) Multiple Choice $380,541 $440,000 $586,667 O $46.667

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