P10-33A Accounting for natural resources $6,600,000 for oil reserves holding an estimated 1,000,000 barrels of oil. Assume the Conseco Oil Company has an account titled Oil and Gas Properties. Conseco paid company paid $570,000 for additional geological tests of the property and $450,000 prepare for drilling. During the first year, Conseco removed and sold 72,000 barrels of oil. Record all of Conseco's transactions, including depletion for the first year