During the first year, Conseco removed and sold 65,000 barrels of oil, Record the depletion expense for the first year. (Assume no residual value Round interim calculations to the nearest cant and your final answers to the east wholesar Date Accounts and Explanation Debit Credit Conor Company has an account sted and Gas Properties Conceald 36.400.000 for reserveringsmed 500.000 tons of fun the 150.000 property and $410,000 to prepare for dig. During the rol year Gorumeverd od stare for all the deterior Explanations will be on the line of the moment Assume the company od 5510.000 for motional geological of the property wid10.000 or forg Record the payment for an eolas oferoperty and to preparing the property forringe Date Accounts and nation Debit Credit Ondor Properties 20.000 'Cain 600.000 Toyment of contact with purchase ofrece During the first year, Consecremoved and sold 68.000 barres of Record the depletion expense for refers you Andalue Roundwon to cart and your Date Account and Explanation De Credit CA trany number in the input fields and then click Check Answer WOULD I purchase of ou reserves During the first year, Conseco removed and sold 65,000 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 answer to the nearest who dotar) Date Debit Credit Accounts and Explanation Depletion Expense Oil and Gas Properties Accumulated Depletion Oil and Gas Properties To record depletion Choose from any list or enter any number in the input fields and then click Check Answer. Conseco Oll Company has an account Oil and Gas Properties Conseco paid 6.400.000 for reserved onested 500.000.000 property and 5410,000 to prepare for driling During the test year. Con.co removed and sold 5.000 botol Rond Consolacion, including Explanations will appear on the tasting of the journal entry) Conseco paid $6.400,000 for reserves holding an estimated 500,000 barrels of of Record the payment for the reserves. Do not record payment for any additional cosciated with the reserves generating We will Date Accounts and Explanation Crede Oil and Gas Properties 8.400.000 Cash 0.400.000 To record purchase of reserves Assume the company paid $10,000 for additional geological tests of the property and $410,000 to prepare ting Record the payment for additional geological tests of the property and for preparing the property for contre compound www Date Accounts and Explanation Debit Crede Oil and Gas Properties 50 000 Cash D CA 1067 OR 40 Choose from any list or enter any number in the input fields and then dick Check Answer All parts showing