A company buys land which is rich in oil for $5,900,000. It incurs additional costs of $600,000 to access the oil, which is estimated to contain 2,000,000 gallons and will toke 5 years to extract. What journal entry would be needed to record the expense for the first year, assuming 425,000 gailons were pumped out of the land? Mutiple Choice Debit Depletion Expense \$1,233,t00, credt Accumulated Depletion \$1,233,100 Debit Amortization Expense \$1,381,250, credit Accumulated Amortization \$1,381,250. Debit Depreciation Expense 51.38t250, credt Accumutated Depreciation 5t,381.250 Debit Depletion Expense \$1381,250, credit Accumulated Depletion \$1,381,250. Debit Depreciation Expense 51,233,00; credit Accumulated Depreciation 51,233,100