An oil well cost $2,000,000 and is calculated to hold 340,000 barrels of oil. There is no residual value. Which journal entry is needed to record the expense for the extraction of 47,000 barrels of oil during the year? All 47,000 barrels were sold during the year. (Round any intermediate calculations to the nearest cent and your final answer to the nearest dollar.) OA. Depletion Expense Oil Revenue - Oil Reserve 276,360 276,360 B. Oil Reserve Inventory 276,360 Accumulated Depletion Oil Reserve OC. Cost of Goods Sold Oil Reserve 276,360 276,360 Accumulated Depletion - Oil Reserve 276,360 D. Depletion Expense Oil Reserve Accumulated Depletion Oil Reserve 276,360 - 276,360