Carter Co. acquired drilling rights for $18,550,000. The oil deposit is estimated to produce a total of 74,200,000 gallons. During the current year, 6,000,000 gallons were drilled. Record the journal entry on December 31 to recognize the depletion expense for the year. In your journal entry be sure to clearly indicate what accounts/amounts you are debiting and what accounts/amounts you are crediting.

Journal

Date	Description	Post. Ref.	Debit	Credit