McCabe Oil Company has an account titled Oil and Gas Properties. McCabe paid $6,200,000 for oil reserves holding an estimated 1,000,000 barrels of oil. Assume the company paid S530,000 for additional geological tests of the property and $400,000 to prepare for drilling. During the first year, McCabe removed and sold 72,000 barrels of oil. Record all of McCabe's transactions, including depletion for the first year. (Record debits first, then credits. Explanations will appear on the last line of the journal entry table.) McCabe paid $6,200,000 for oil reserves holding an estimated 1,000,000 barrels of oil Record the payment for the oil reserves. Do not record payment for any additional costs associated with the oil reserves (geological testing and/or driling). We will do this in the following entry. Date Accounts and Explanation Debit Credit Assume the company paid $530,000 for additional geological tests of the property and S400,000 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, McCabe removed and sold 72,000 barrels of oil