P10-33A (similar to) 3 Question Help Hart Oil Company has an account titled Oil and Gas Properties. Hart paid $6,600,000 for oil reserves holding an estimated 400,000 barrels of oil. Assume the company paid $540,000 for additional geological tests of the property and $420,000 to prepare for drilling. During the first year, Hart removed and sold 72,000 barrels of oil. Record all of Hart'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.) Date Accounts and Explanation Debit Credit Oil and Gas Properties 6,600,000 Cash 6,600,000 To record purchase of oil reserves. Assume the company paid $540,000 for additional geological tests of the property and $420,000 to prepare for drilling. Record the payment for additional geological tests of the property and for preparing the property for drilling. (Record a single compound journal entry) Date Accounts and Explanation Debit Credit Choose from any list or enter any number in the input fields and then click Check