Diversified Drilling purchased an oil well for $7,850,000. Additional costs included drilling rights of $1,350,000 and site preparation costs of $1,800,000. The salvage value was estimated to be zero. If 4,400,000 barrels are expected to be extruded over the next eight years, what is the book value of the oil well after the first year if 625,000 barrels of oil are extruded? Select answer from the options below $9,625,000 $8,279,261 $7,893,182 $9,437,500