In 2016, Beta Company purchased the working interest of an unproved lease for

\($50,000\). In 2017, Beta Company recognized impairment of \($20,000\) on this lease.

In 2018, Beta Company sold the entire working interest to Company Q for:

a. $25,000

b. \($55,000\) Assume instead that the property was assessed on a group basis and sold for:

c. $25,000

d. \($55,000\) Give the entry to record the sale in each of the above situations, assuming that Beta Company is a successful efforts company.