Peanut Limited (PL) paid $2,600,000 for an oil reserve estimated to hold 40,000 barrels of oil. Oil production is expected to be 7,000 barrels in year 1,26,000 barrels in year 2, and 7,000 barrels in year 3. Peanut Limited expects to begin selling barrels from its oil inventory in year 4. Required: 1. Assuming these estimates prove to be accurate, show the balances in the oil reserve, accumulated depletion, and oil inventory accounts in each of the three years. 2. What effect does this yearly depletion have on the income statement? Complete this question by entering your answers in the tabs below. Required 1 Required 2 Assuming these estimates prove to be accurate, show the balances in the oil reserve, accumulated depletion, and oil Inventory accounts in each of the three years. Oil Reserve Accumulated Depletion Oil Reserve, Net Oil Inventory Year 1 Year 2 Year 3 0