3. In the current year Sally acquires for $486,000 an oil and gas property interest with 162,000 barrels of estimated recoverable oil. During the year 22,000 barrels of oil are sold for $300,000. Intangible drilling and development costs amount to $130,000 and are expensed in the current year. Other expenses are $127,000. Which of the following statements is not true? a. Percentage depletion is $45,000. b. If Sally's basis in the property is zero prior to the current year, only percentage depletion can be taken in the current year. C. The depletion which must be taken for the year is the greater of cost or percentage depletion. d. Cost depletion is $66,000. e. None of the answers provided is correct