2. Please calculate the depletion expense and make the journal entry. You purchased land with an oil basin for $2,000,000. Your geologist estimates 130,000 barrels. You pulled out 40,000 barrels of oil this year. 3. Please provide the journal entry for a company that you bought for $900,000 (you paid cash). The assets are worth $700,000 and you assumed $140,000 of the company's debt. Hint: An old expression: "You need to have goodwill towards man