Which of the following depreciation methods allocates a varying amount of depreciation to expense each year based on an asset's usage? O A. the double-declining - balance method OB. the units-of-production method OC. the annuity method OD. the straight-line method his question: pts mic An oil well cost $1,782,500 and is calculated to hold 240,000 barrels of oil. There is no residual value. Which journal entry is needed to record the expense for the extraction of 31,000 barrels of oil during the year? All 31,000 barrels were sold during the year (Round any intermediate calculations to the nearest cent, and your final answer to the nearest dollar) 230.330 OA. Oil Reserve Inventory Accumulated Depletion - Oll Reserve 230 330 230,330 OB, Cost of Goods Sold - Oil Reserve Accumulated Depletion - On Reserve 230,330 230,330 OC. Depletion Expense - Oil Reserve Accumulated Depletion - O Reserve 230,330 230,330 OD. Depletion Expense - O Reserve Oil Revenue 230.330