record transactions based on information given

Donahue Oil, Inc. has an account titled Oil and Gas Properties. Denalue paid 6.000.000 fot of reserves holding an estimated 500,000 barrels of oil Assame the company paid $20.000 to additional geological tests of the property and $420,000 to prepare fordeling During the first year, Donahue removed and sold 75,000 barrels of ol Records of Donahues transaction including depletion for the first year (Record debitsfest the credits Select the explanation on the last line of the joumal entry table) Donahue paid $6,000,000 for all reserves holding an estimated 500.000 barrels of out Record the payment for the oil reserven do not record payment for any additional costs associated with the ol reserves geological testing andlor drilling. We will do this in the following entry Date Accounts and Explanation Credit Debit Astume the company pod 50,000 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 dring record a single compound jouma entry) Date Accounts and explanation Debit Credit Assume the company paid $560,000 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 During the first year, Donahue removed and sold 75,000 barrels of oil. Record the depletion expense for the first year. (Assume no residual value. Round interim calculations to the nearest cent and your finanswers to the nearest whole dollar) Date Accounts and Explanation Debit Credit