McCabe Oil, Inc. has an account titled Oil and Gas Properties. McCabe paid $6,100,000 for oil reserves holding an estimated 500,000 barrels of oil. Assume the company paid $520,000 for additional geological tests of the property and $460,000 to prepare for drilling. During the first year, McCabe removed and sold 62,000 barrels of oil. Record all of McCabe'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.)