McCabe OI has an abcount tled Of and Gas Propertes. MCCabe paid 56.500 .000 for oll reservea holding an estinated 200,000 barrels of ol. Assume the company paid 5530.000 tor arbational geological fests of the property and $480,000 to prepare lor driting During the fint year, MeCabe femoved and sald 90,000 barrels of ol. Rocond al of MoCibeli trarisachont, incuding debletion for the fist yeat. Record debes firt, then credits Explanatont wil appear on the lavi line of the poumal enty table? McCabe paid 56,500.000 for oi reserves holding an esimatod 200,000 barreks of od. Recond the poyment for the oi reserves Do not record payment for any additional costs aswociated with the oil reserves (geological insting andlor driting: We wal do ths in the telibwing enty Assume the compary baid 5530,000 lor adtsonal geological lests of the propeny and 5460,000 to prupare for driing Record the poyment for addsonal geological tists of the property and for prepareg the propery for driling (Record a single compound joumal entry. During the first yoar, McCabe removed and sold 90,000 barrols of oil. Record the depletion expense for the first year. (Assume no residual value. Round interim calculasicns to the nearest cent and your final answers to the nearest whe