Record the transactions in the journal of Gretta Chung Associates. P10-33A Accounting for natural resources Learning Objective 4 McCabe Oil Company has an account titled Oil and Gas Properties. McCabe paid $6,200,000 for oil reserves holding an estimated 500,000 barrels of oil Assume the company paid $510,000 for additional geological tests of the prop- erty and $490,000 to prepare for drilling. During the first year, McCabe removed and sold 90,000 barrels of oil. Record all of McCabe's transactions, including depletion for the first year. Dep. Exp. $1,296,000