On March 1, 2014, Anniston Company purchased an oil well at a cost of $1,744,000. It is estimated that 260,000 barrels of oil can be produced over the remaining life of the well and the residual value of the well will be $210,000. During 2014,26,000 barrels of oil were produced and sold. Which of the following statements is incorrect with respect to the accounting for the oil well? (Do not round your intermediate calculations.) Multiple Choice The depletion rate is $5.90 per barrel of oil. The 2014 cost of goods sold was $153,400. The inventory of oil was $153,400 at December 31,2014 The book value of the oll well decreased $153.400 during 2014