Glick Company purchased an oil reserve on July 1, Year 1 for $2,680,000. A total of 200,000 barrels of oil are expected to be extracted over the asset's life. During Year 1, 44,000 barrels are extracted and sold., The depletion charge for Year 1 would cause: (Do not round intermediate calculations.)

Question

Quizplus · Accepted Answer

The Answer of Glick Company purchased an oil reserve on July 1, Year 1 for $2,680,000. A total of 200,000 barrels of oil are expected to be extracted over the asset's life. During Year 1, 44,000 barrels are extracted and sold., The depletion charge for Year 1 would cause: (Do not round intermediate calculations.)

Glick Company Purchased an Oil Reserve on July 1, Year