4. South Shore Petroleum holds huge reserves of oil. Assume that at the end of 2017, South Shore Petroleum's cost of oil reserves totaled $396,000,000, representing 220,000,000 barrels of oil. Suppose South Shore Petroleum removed and sold 30,000,000 barrels of oil during 2018. Journalize depletion expense for 2018. (Assume no residual value. Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Date Debit Credit Accounts and Explanation Depletion Expense Oil Roserves Accumulated Depletion-Oil Reserves To record payment of costs associated with purchase of oil reserves