An oil well cost $1,862,500 and is calculated to hold 240,000 barrels of oil. There is no residual value. Which journal entry is needed to record the expense for the extraction of 40,000 barrels of oil during the year? All 40,000 barrels were sold during the year. (Round any intermediate calculations to the nearest cent, and your final answer to the nearest dollar) O A. Cost of Goods Sold - Oil Reserve Accumulated Depletion - Oil Reserve 310,400 310,400 OB. Ol Reserve Inventory Accumulated Depletion - Ol Reserve 310,400 310,400 OC. Depletion Expense - Oil Reserve Accumulated Depletion - Oil Roserve 310,400 310,400 OD. Depletion Expense - Oil Reserve Oil Revenue 310,400 310,400