please work out the math if possible:

problem 1)

problem 2)

please work out the math if possible

Homework: Ch 9 HW Part 2 (10 pts) Save Score: 0 of 1 pt 4 of 5 (2 complete) HW Score: 32.25%, 2.58 of 8 pts P9-33A (similar to) Question Help Cheney Oil, Inc. has an account titled Oil and Gas Properties. Cheney paid $6,600,000 for oil reserves holding an estimated 400,000 barrels of oil. Assume the company paid $560,000 for additional geological tests of the property and $420,000 to prepare for drilling. During the first year, Cheney removed and sold 82,000 barrels of oil. Record all of Cheney'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.) Cheney paid $6,600,000 for oil reserves holding an estimated 400,000 barrels of oil Record the payment for the oil reserves. Do not record payment for any additional costs associated with the oil reserves (geological testing and/or drilling). We will do this in the following entry. bit Credit Date Accounts and Explanation