Garrison OR, Inc. has an account titled Ol and Gas Properties. Garrison paid $6,100,000 for oil reserves holding an estimated 500,000 barrels of oil. Assume the company paid $540,000 for additional geological tests of the property and $450,000 to prepare for driling During the first year, Garrison removed and sold 90,000 barrels of oil Record all of Garrison's transactions, including depletion for the first year. (Record debits first, then credits Select the explanation on the last line of the journal entry table) Garrison paid $6,100,000 for oil reserves holding an estimated 500,000 barrels of ol Record the payment for the oil reserves. Do not record payment for any addtional costs associated with the oil reserves (geological testing and/or drilling). We will do this in the following entry Debit Credit Date Accounts and Explanation Assume the company paid $540,000 for additional geological tests of the property and $450,000 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) Date Accounts and Explanation Debit Credit During the first year, Garrison removed and sold 90,000 barrels of 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 nearest whole doar Accounts and Explanation Debit Credit Date During the first year, Gamison removed and sold 90,000 barrels of oil. Record the depletion expense for the first year. Assume no residual value Round interim calculations to the nearest cent and your finat answers to the nearest whole dollar) Date Credit Debit Accounts and Explanation