On January 1, 2019, Oiltacular Inc. installed an oil well at a purchase price of $12,848,890 with an installation cost of $436,000 all for cash. The residual value of the oil well is $617,000. Oiltacular estimates that the total predicted output is 177,000 barrels of oil. The company only pumped out 3,100 barrels in 2019 and 3,500 barrels in 2020. Do not enter dollar signs or commas in the input boxes. Round your answers to the nearest whole number. a) Prepare the journal entry to record the purchase of the oil well with the installation. Date Account Title and Explanation Jan 1 Oil Well Cash Purchase of oil well Debit Credit