Offshore Oil Company owns oil reserves estimated to contain 6,500,000 barrels of oil.The oil reserves originally cost $75,000,000 with an estimated salvage value of $3,500,000.During the current period,1,200,000 barrels of oil were extracted.The depletion rate per barrel was:

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The Answer of Offshore Oil Company owns oil reserves estimated to contain 6,500,000 barrels of oil.The oil reserves originally cost $75,000,000 with an estimated salvage value of $3,500,000.During the current period,1,200,000 barrels of oil were extracted.The depletion rate per barrel was:

Offshore Oil Company Owns Oil Reserves Estimated to Contain 6,500,000