The following costs for Davison Lease were all incurred during 2020.

*Depreciation, depletion, and amortization 

REQUIRED: 

Prepare the 2020 income statements and unclassified partial balance sheets for a successful efforts (SE) company and a full cost (FC) company.

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Acquisition costs G&G costs.... Exploratory dry holes. Successful exploratory holes. .. Development wells, dry Development wells, successful Cost of production facilities. Production costs.... DD&A* Accumulated DD&A.... Revenue from sale of oil ..$ 30,000 80,000 1,500,000 350,000 200,000 475,000 250,000 60,000 55,000 (SE); 125,000 (FC) 150,000 (SE); 360,000 (FC) 225,000