Glick Company purchased oil rights on July 1,2016 for $2,400,000.If 200,000 barrels of oil are expected to be extracted over the assets life,and 30,000 barrels are extracted and sold in 2016,the recognition of depletion expense on December 31,2016 would cause:

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The Answer of Glick Company purchased oil rights on July 1,2016 for $2,400,000.If 200,000 barrels of oil are expected to be extracted over the assets life,and 30,000 barrels are extracted and sold in 2016,the recognition of depletion expense on December 31,2016 would cause:

Glick Company Purchased Oil Rights on July 1,2016 for $2,400,000