Elizabeth Corporation incurred the following costs during 2015:

Elizabeth uses the successful efforts method of accounting. Prepare the journal entries for the year-end December 31, 2015.

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January 12 G&G Costs.. $ 75,000 February 15 Lease acquisition costs 150,000 March 16 Exploratory dry-hole costs 350,000 April 29 Successful exploratory well costs 500,000 June 15 Developmental well costs. 200,000 August 4 Production facility costs. 100,000 September 20 Production costs. . . . 55,000