Garrison Oa has an account tiled Oil and Gas Propertes. Garrison puis $6,000,000 for ol reserves holding an estimuted 300,000 barrels of ol. Assume the company paid $550,000 foc additional the frat year. (Record debils first, then credias Explanations wil appear on the last line of the joumal entry tabie.) Garrison paid $6,000,000 for oll reserves holding an estimated 300,000 barrels ot oll. Assume the company paid $550,000 for additional poologieal tests of the property and $410,000 to prepare for driling Record the payment for additional geological tests of the property and for preparing the properfy for driling (Recond a single compound joumel entry) During the first year, Garrison 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 fo the nearest whole dolar.)