O P10-33A (similar to) Chapman of Company and Old Gas Propaned 58.500.000 for alle holding 1.000.000. Asume the company paid 500.000 for adoledge property and 5410.000 prepare for dig During the first year Chapman removed and sold 30.000 beloof of Chapman's transactions, including to try the credit Chap 58 500 000 hoding on 1.000.000 barrels of Record the payment for the reserves. Do not record payment for anyone cosed with the reserves oloring We will do this the lowing Accountant Crede Question Help P10-33A (similar to) Chapman Oil Company has an account titled Oil and Gas Properties. Chapman paid $6,500,000 for os reserves holding an estimated 1,000,000 barrels of all. Assume the company paid $580,000 for additional geological tests of the property and $410,000 to prepare for driling. During the first year, Chapman removed and sold 90.000 barrels of oil. Record all of Chapman'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.) Chapman paid $6,500,000 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 Debit Credit Date Accounts and Explanation t: 0 bols