chapman oil, inc has an account titled oil and gas properties. chapman paid $6,300,000 for oil reserves holding an estimated 400,000 barrels of oil. assume the company paid $560,000 for additional geological test of the property and $440,000 to prepare for drilling. during the first year chapman removed and sold 65,000 barrels of oil. record all of chapman's transactions , including depletion for the first year.