An оil well cоst $2,080,000 аnd is cаlculаted tо hold 340,000 barrels of oil. There is no residual value. Which journal entry is needed to record the expense for the extraction of 52,000 barrels of oil during the year? All 52,000 barrels were sold during the year. Round any intermediate calculations to the nearest cent, and the final answer to the nearest dollar.