Alaskan Oil, Inc. has an account titled Oil and Gas Properties. Alaskan Oil, Inc. paid $6,200,000 for oil reserves holding an estimated 500,000 barrels of oil. Assume the company paid $510,000 for additional geological tests of the property and $490,000 to prepare for drilling. During the first year, Alaskan Oil, Inc. removed and sold 90,000 barrels of oil. Record all of Alaskan Oil, Inc.’s transactions, including depletion for the first year.