#4 On 1/1/2020 Santiago Corp purchased an oil well for a total historical cost of $1,200,000. Santiago estimates total recoverable units for the well of 100,000 barrels and estimates the well to have residual value of $300,000. Assuming Santiago extracts 18,000 barrels of oil during 2020, none of which is sold that year, what i the dollar value of oil inventory that Santiago will report on its balance sheet