Cheney

Cheney Oil, Inc. has an account titled Oil and Gas Properties. Cheney

Cheney paid $ 6 comma 800 comma 000

$6,800,000 for oil reserves holding an estimated 600 comma 000

600,000 barrels of oil. Assume the company paid $ 590 comma 000

$590,000 for additional geological tests of the property and $ 440 comma 000

$440,000 to prepare for drilling. During the firstyear, Cheney

Cheney removed and sold 80 comma 000

80,000 barrels of oil. Record all of Cheney

Cheney's transactions, including depletion for the first year.