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Question(s) / Instruction(s):

           A company purchased an oil well for $25 million with a residual value of $500,000. It is estimated that 10 million barrels can be extracted from the well. Determine depletion expense assuming 3 million barrels are extracted and sold.

a)            $7,350,000

b)            $7,500,000

c)            $5,000,000

d)            $7,650,000

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