McCabe Oil Company has an account titled Oild and Gas Properties. McCabe paid $6,200,000 for oil reserves holding an estimated 500,000 barrels of oil. Assume the company paid $510,000 for additional geological test of the property and $490,000 to prepare for drilling. During the first year, McCabe removed and sold 90,000 barrels of oil. Record all of McCabe's tranactions, including depletion for the first year.