McCabe Ol, inc. has an account ttled Oil and Gas Properties. McCabe paid $6,100,000 for oil reserves holding an estimated 1,000,000 barrels of oil. Assume the company paid $20,000 for additional geological tests of the property and $420,000 to prepare for drilling. During the first year, McCabe removed and sold 5,000 barrels of ol. Record of McCabe's transactions, including depletion for the first year. Record debts first, the credits. Select the explanation on the line of the journal entry table) McCabe paid 56,100,000 for all reserves holding an estimated 1,000,000 barrels of ol Record the payment for the oil reserves. Do not record payment for any additional costs associated with the of reserves (poological testing and ordering We will do this in the following entry Accounts and Explanation Debit Credo Assume the company paid 520.000 for additional geological tests of the property and 5420.000 to prepare for ring Record the payment for additional geological tests of the property and for preparing a property for ring (Record are compound juny) Date Accounts and Explanation Cred During the first year, McCabe removed and sold 95,000 barrels of oil Record the depletion expense for the first yem (Assume no residual value Round interim calculations to the nearest cant and your final answers to the nearest whole dar) Date Accounts and Explanation Debat Credit