The Jurassic Pork company has just bought a tract of land on which they plan...
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Accounting
| The Jurassic Pork company has just bought a tract of land on which they plan to raise their pigs. While they were digging | ||||||||
| a foundation for their new barn, they struck oil. So they sold the pigs and prepared to drill for oil. The land cost them | ||||||||
| $700,000 and will be worth $300,000 when they are done with it. They expect to produce 1,000,000 barrels of oil over the life of | ||||||||
| this project. If in the first year they drill and sell 200,000 barrels of oil, what amount of depletion expense will they record? |
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