On January 1, 2019, Oiltacular Inc. installed an oil well at a purchase price of $10,001,880 with an installation cost of $515,000 all for cash. The residual value of the oil well is $631,000. Oiltacular estimates that the total predicted output is 101,000 barrels of oil. The company only pumped out 3,500 barrels in 2019 and 3,300 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 Purchase of oil well Debit Credit b) Prepare the journal entries to record the depletion for 2019 and 2020. Assume all oil pumped for 2019 was sold and none of the oil pumped in 2020 was sold, Date Dec 31. 2019 Account Title and Explanation Debit Credit Dec 31 2020 Depletion for 2019 Depletion for 2020 O