On December 31, 2015, Launch Oil Company’s unproved property account for leases that are not individually significant had a balance of \($800,000\). The impairment allowance account had a balance of \($75,000\). Give the entries for each of the following transactions occurring in 2015, 2016, and 2017. (All transactions concern individually insignificant unproved leases.)

a. Assuming Launch has a policy of maintaining a 55% allowance, i.e., 55% of gross unproved properties, give the entry to record impairment on December 31, 2015.

b. During 2016, Launch surrendered leases that cost $300,000.

c. During 2016, leases that cost \($50,000\) were proved.

d. During 2016, leases costing \($310,000\) were acquired.

e. Give the entry to record impairment on December 31, 2006.

f. During 2017, leases costing \($428,000\) were surrendered.