On 6/1/x3, Rhonda purchased an oil well for $500,000, paying $80,000 cash down and financing the rest with a note payable.Rhonda also paid developing fees of $10,000 cash to prepare the well for drilling.Once the well is ready for operation, she has it appraised. Russell, the oil well expert, estimates that the well contains 1,000,000 barrels of oil, give or take a few hundred.Rhonda is very pleased with Russell's oil estimation skills and pays him $10,000 cash for his appraisal work.On 12/31/x3, Rhonda has extracted 45,000 barrels from her well.The journal entry to record her well-related expense would include:

A a debit to Depreciation Expense for 22,950

B a debit to Depletion Expense for 23,400

C a credit to Accumulated Depreciation for 23,400

D a credit to Accumulated Depletion for 22,950

E None of the above