An oil well cost

$ 2 comma 030 comma 000$2,030,000

and is calculated to hold

300 comma 000300,000

barrels of oil. There is no residual value. Which journal entry is needed to record the expense for the extraction of

49 comma 00049,000

barrels of oil during the year? All

49 comma 00049,000

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 minus Oil	331 comma 730331,730
Accumulated Depletion minus Oil		331 comma 730331,730

B.

Oil Reserve Inventory	331 comma 730331,730
Accumulated Depletion minus Oil		331 comma 730331,730

C.

Depletion Expense minus Oil	331 comma 730331,730
Oil Revenue		331 comma 730331,730

D.

Cost of Goods Sold minus Oil	331 comma 730331,730
Accumulated Depletion minus Oil		331 comma 730331,730