Learning Objective 4 P-39B Accounting for natural resources Donahue Oil Incorporated has an account titled Oil and Gas Properties. Donahue paid $6,400,000 for oil reserves holding an estimated 400,000 barrels of oil. Assume the company paid $510,000 for additional geological tests of the property and $470,000 to prepare for drilling During the first year, Donahue removed and sold 75,000 barrels of oil. Record all of Donahue's transactions, including depletion for the first year Depl. Exp. $1,383,750