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Natural Resource and Intangible Accounting Mcleansboro Oil Company acquired a small oil company with...

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Accounting

Natural Resource and Intangible Accounting
Mcleansboro Oil Company acquired a small oil company with only three assets during a recent year. The assets were acquired for $1,350,000 cash.
\table[[Asset,Fair Value,Expected Life],[Oil,$1,125,000,55,000 barrels],[Land,78,000,Indefinite],[Equipment,62,000,550,000 barrels]]
Required: entrv. leave it blank.
2. If McLeansboro pumps and sells 11,000 barrels of oil in 1 year, compute the amount of depletion. Do not round intermediate calculations.
$ does not require an entry, leave it blank. Do not round intermediate calculations.
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