On 1/1/2017 Exoff Mobwell had an oil well capitalized on its balance sheet at $290,000. During 2017, EM depletes $28,000 worth of oil from the well. Which of the following entries should occur for Exoff Mobwell in relation to this depletion?

Inventory (+A) 28,000 Depletion Expense (+Exp) 28,000

Depletion Expense (+Exp) 28,000 Oil Well (+XA) 28,000

Inventory (+A) 28,000 Oil Well (-A) 28,000

Depletion Expense (+Exp) 28,000 Inventory (-A) 28,000

Oil Well (+A) 28,000 Inventory (-A) 28,000