P10-39B (similar to) Question Help Cheney Oil Company has an account titled Oil and Gas Properties. Cheney paid $6,600,000 for oil reserves holding an estimated 200,000 barrels of oil. Assure the company paid $560,000 for additional geological tests of the properly and S470,000 to prepare for drilling. During the first year, Cheney removed and sold 80,000 barrels of oil. Record all of Cheney'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.) Cheney paid $6,600,000 for oil reserves holding an estimated 200,000 barrels of oil. Record the payment for the oil reserves. Do not record payment for any aciditional costs associated with the oil reserves (geological testing and/or drilling). We will do this in the following entry. Date Accounts and Explanation Debit Credit Choose from any list or enter any number in the input fields and then click Check Answer. parts 2 remaining Clear All Check