On March 1, 20X1, Jance Company Purchased a Producing Oil

On March 1, 20X1, Jance Company purchased a producing oil well at a cash cost of $100,000. It is estimated that 250,000 barrels of oil can be produced over the remaining life of the well. By December 31, 20X1 (end of the accounting period) , 1,500 barrels of oil were produced and sold. What would be the amount of depletion expense for 20X1 on this well?

A) $300
B) $450
C) $600
D) $750