Reida Oil Corporation incurred the following costs during the fiscal year ending May 31, 2015.

Prepare journal entries for the above transaction, assuming that Reida Oil Corporation uses the full cost method of accounting.

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June 1, 2014 August 10, 2014 G&G costs... $ 50,000 Lease bonus on a 1,000 acre lease 80/acre Other acquisition costs.. 2,000 December 15, 2014 Dry-hole costs of an exploratory well. 400,000 January 18, 2015 Successful well costs... 600,000 April 10, 2015 April 30, 2015 Cost of production facilities.. 500,000 Production costs. . . 40,000