On April 30, 1998, Lindon Oil Company purchased an oil well, with reserves of an estimated 100,000 barrels of oil, for $\$ 1,000,000$ cash.

Required: Prepare journal entries for the following:
1. Record the purchase of the oil well.
2. During $1998,10,000$ barrels of oil were extracted from the well. Record the depletion expense for 1998 3. During $1999,18,000$ barrels of oil were extracted from the well. Record the depletion expense for 1999