An oil well cost $1,782,500 and is calculated to hold 250,000 barrels of oil. There is no residual value. Which journal entry is needed to record the expense for the extraction of 35,000 barrels of oil during the year? All 35,000 barrels were sold during the year. (Round any intermediate calculations to the nearest cent, and your final answer to the nearest dollar.) A. Cost of Goods Sold - Oil Reserve 249,550 Accumulated Depletion - Oil Reserve 249,550 B. Depletion Expense - Oil Reserve Oil Revenue 249,550 249,550 OC. Oil Reserve Inventory 249,550 Accumulated Depletion - Oil Reserve 249,550 D. Depletion Expense - Oil Reserve 249,550 Accumulated Depletion - Oil Reserve 249,550