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Company P established a new production area for extraction of oil, which has capacity of...

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Accounting

Company P established a new production area for extraction of oil, which has capacity of producing 252,000 litres in its complete rental period. The costs incurred for establishment of area are as follows: Description Amount Rental expense for land $95,500 Exploration costs $98,500 Development costs $591,000 Determine the cost of depletion per litre. (Round off the final answer to two decimals)

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