Conseco Oil, Inc. has an account titled Oil and Gas Properties. Conseco paid $6,600,000 for oil reserves holding an estimated 1,000,000 barrels of oil. Assume the company paid $570,000 for additional geological tests of the property and $450,000 to prepare for drilling. During the first year, Conseco removed and sold 72,000 barrels of oil. Record all of Conseco's transactions, including depletion for the first year.