Q3.
Conseco Ol, Inc. has an accountitled Oil and Gas Properties Conseco paid $6 700.000 for ol reserves holding an estimated 600,000 barrels of oil Assume the company paid $580,000 for additional geological tests of the property and $430,000 to prepare for drilling During the first year, Conseco removed and sold 60,000 barrels of oil . Record all of Conseco's transactions, including depletion for the first year. (Record debits first, then credits Select the explanation on the last line of the journal entry table) Conseco paid 56,700,000 for oil tenerves holding an estimated 600,000 barrels of on Record the payment for the all reserves Do not record payment for any additional costs associated with the reserves (geological testing and/or drilling). We will do this in the following entry Date Accounts and Explanation Debit Credit Am the company paid $500.000 for additional geological tests of the property and 5430.000 to prepare fordeling Record the payment for additional geological tests of the property and for preparing the property for drilling (Record a single compound journal entry) Accounts and Explanatic Del Credit Choose from any store any number in the sand then connue to the next question ch Test LG Led 512 911 710 Assume the company paid $580,000 for additional geological tests of the property and $430,000 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 During the first year, Consecremoved and sold 60.000 barrels of oil Record the depletion expense for the first year. (Assume no residual value Round interim calculations to the nearest cent and your final answers to the nearest whole dolar) 0 m Accounts and Explanation Debit Credit J20 4/20 Choose from any to enter y number in the input felds and then continue to the next to 724/20 59 O LG Sere Led 112 F10 FE FS Eco Oil Inc. has an account titled Oil and Gas Properties Conseco paid $6.700,000 for oil reserves holding an estimated 600,000 barrels of oil Assume th mpany paid $580 000 for additional geological tests of the property and $430,000 to prepare for drilling During the first year, Conseco removed and sold 60,0 arvels of oil Record all of Conseco's transactions, including depletion for the first year (Record debits first, then credits. Select the explanation on the last line mal entry table Date Accounts and Explanation Debit Credit During the first year. Consece removed and sold 60,000 barrels of oil Record the depletion expense for the first year (Assume no residual value Round interim calculations to the nearest cent and your final answers to the nearest whole ola Date Accounts and Explanation Debit Credit Choose from any list or enter any number in the input Deds and then continue to the next question HT Chapter Fift Pre-Test LG Sare Pred 512 Please answer the question in full if you know how to do it! Please allign the answers how the questions are so it's not confusing for me to figure out where it goes! Will give a thumbs up if the answer is correct! If you have trouble reading any of the images please let me know so I can post another picture
