Record the following transactions for Chavez Energy Corp.:

a. Chavez Energy incurred costs of $40,000 in preparing a drillsite.

b. The contractor was paid $400,000 on a day-rate contract (all intangible).

c. Equipment (casing) costs of $80,000 were incurred.

d. Costs of $70,000 were incurred in evaluating the well.

e. Chavez Energy decided to complete the well and incurred costs of $45,000

(perforating and fracturing), $60,000 (cementing), and $100,000 (equipment)

in completing the well.