White company purchased land in Oklahoma for 2000000 and paid an additional 7000000 To build an oil well and rig

White Company purchased land in Oklahoma for $2,000,000 and paid an additional $7,000,000 to build an oil well and rig. White estimates a total of 200,000 barrels of oil can be pumped out of the well over the next 8 years. White estimates the residual value of the land will be $200,000 at the conclusion of oil drilling. Record the purchase of the land and construction of the oil well. Account Date Description Debit Amount Credit Amount White Company purchased land in Oklahoma for $2,000,000 and paid an additional $7,000,000 to build an oil well and rig. White estimates a total of 200,000 barrels of oil can be pumped out of the well over the next 8 years. White estimates the residual-value of the land will be $200,000 at the conclusion of oil drilling.. In 2019,36,000 barrels of oil were pumped out of the well. Record the transaction required at the end of the year 2019. Account Date Description Debit Amount Credit Amount