abe Oil has an account ded Oil and Gas Properties. McCabe paid $6.900,000 for oil reserves holding an estimated 800,000 barrels of oil. Assume the company pait $550000 for adder geologicals of the pety and $430.000 pare for drilling. During the first year, McCabe removed and sold 75,000 barrels of oil. Recond all o mal entry table.) McCabe's transactions, indu cCabe paid $6,900,000 for oll reserves holding an estimated 800,000 bamels of oil econd the payment for the oil reserves. not record payment for any additional costs associated with the oil m Date Oil and Gas Properties Cash Accounts and Explanation Debit Cred 0000000 To record purchase of oil reserves Assume the company paid $550,000 for additional geological tests of the property and $430,000 to prepare fording Record the payment for additional geological tests of the property and for preparing the property for oring Record a single Date Accounts and Explanation Oil and Gas Properties Cash De Crade 500000 30000