Libby Petroleum incurred and paid the following costs during 2019: REQUIRED: Record the above transactions. Lease A

Libby Petroleum incurred and paid the following costs during 2019:

REQUIRED: Record the above transactions.

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Lease A Unproved Lease B Unproved Lease C Proved Purchased Lease D Proved Purchased Acquisition costs $ 30,000 $ 35,000 in 2019 in 2019 Well type Exploratory Exploratory Development Development Drilling costs: Drilling contractor's charges-day-rate 180,000 200,000 $160,000 $190,000 Casing 30,000 35,000 28,000 22,000 Production equipment 75,000 80,000 Well logs 10,000 15,000 12,000 14,000 Drilling results Well dry; Found proved Well dry Found proved abandon lease reserves reserves