An oil well cost $1, 832, 500 and is calculated to hold 160.000 barrels of oil. There is no residual value. Which journal entry is needed to record the expense for the extraction of 37,000 barrels of oil during the year? All 37,000 barrels were sold ding the year (Round any intermediate calculations to the nearest cent, and your final answer to the nearest dollar.) A. Depletion Expense - Oil Oil Revenue B. Oil Reserve Inventory Accumulated Depletion - Oil C. Depletion Expense - Oil Accumulated Depletion - Oil D. Cost of Goods Sold - Oil Accumulated Depletion - Oil