P10-39B Accounting for natural resources Donahue Oil Company has an account titled Oil and Gas Properties. Donahue paid $6,400,000 for oil reserves holding an estimated 400,000 barrels of oil. Assume the company paid $510,000 for additional geological tests of the property and $470,000 to prepare for drilling. During the first year, Donahue removed and sold 75,000 barrels of oil. Record all of Donahue's transactions, including depletion for the first year. P10-40B Accounting for intangibles Core Telecom provides communication services in Iowa, Nebraska, the Dakotas, and Montana. Core purchased goodwill as part of the acquisition of Surety Wireless Company, which had the following figures: Requirements 1. Journalize the entry to record Core's purchase of Surety Wireless for $280,000 cash plus a $420,000 note payable. 2. What special asset does Core's acquisition of Surety Wireless identify? How should Core Telecom account for this asset after acquiring Surety Wireless? Explain in detail