On June 5, 2012, Cheap Oil Company purchased an oil well for $650,000. The well contains an estimated 162,500 barrels of oil, with an estimated residual value of zero. During 2012, 32,500 barrels of oil were removed from the well. To record depletion for 2012, Cheap Oil Company will debit Depletion Expense for:

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The Answer of On June 5, 2012, Cheap Oil Company purchased an oil well for $650,000. The well contains an estimated 162,500 barrels of oil, with an estimated residual value of zero. During 2012, 32,500 barrels of oil were removed from the well. To record depletion for 2012, Cheap Oil Company will debit Depletion Expense for:

On June 5, 2012, Cheap Oil Company Purchased an Oil