McCabe Oil, Inc. has an account titled Oil and Gas Properties. McCabe paid $ 6,900,000 for oil reserves holding an estimated 1,000,000 barrels of oil. Assume the company paid $ 520,000 for additional geological tests of the property and $ 430,000 to prepare for drilling. During the first​ year, McCabe removed and sold barrels of oil. barrels of oil. Record all of McCabe's transactions, including depletion for the first year.

McCabe Oil, Inc. has an account titled Oil and Gas Properties. McCabe paid $ 6,900,000 for oil reserves holding an estimated 1,000,000 barrels of oil. Assume the company paid $ 520,000 for additional geological tests of the property and $ 430,000 to prepare for drilling. During the first​ year, McCabe removed and sold barrels of oil. barrels of oil. Record all of McCabe's transactions, including depletion for the first year.

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