Diane Oil Company obtained shooting rights on 10,000 acres at $2/acre and then hired an independent geological firm to conduct the initial G&G work for \($60,000\). As a result of the G&G work, Diane Company decided to lease 500 acres (ignore acquisition costs) and hired the same company to perform detailed G&G studies on the 500 acres at a cost of \($15,000\). Give the entries to record these transactions.