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Chapter 9 question 3 Answer all the requirements please thank you Assume the company paid $570,000 for additional geological tests of the property and $440,000

Chapter 9 question 3 Answer all the requirements please thank youimage text in transcribed

Assume the company paid $570,000 for additional geological tests of the property and $440,000 to prepare for drilling. Record the payment for additional geological tests of the property and for preparing the property for drilling. (Record a single compound journal entry.) During the first year, McCabe removed and sold 95,000 barrels of oil. Record the depletion expense for the first year. (Assume no residual value. Round interim calculations to the nearest cent and your final answers to the nearest whole dollar.) Assume the company paid $570,000 for additional geological tests of the property and $440,000 to prepare for drilling. Record the payment for additional geological tests of the property and for preparing the property for drilling. (Record a single compound journal entry.) During the first year, McCabe removed and sold 95,000 barrels of oil. Record the depletion expense for the first year. (Assume no residual value. Round interim calculations to the nearest cent and your final answers to the nearest whole dollar.)

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