Ebert Company incurred the following costs during the fiscal year ending May 31, 2005.

Prepare journal entries for the above transaction, assuming that Ebert Company uses the full-cost method of accounting.

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June 1, 2004 August 10, 2004 December 15, 2004 January 18, 2005 April 10, 2005 April 30, 2005 G&G costs, $50,000 Lease bonus of $80 an acre on a 1,000 acre lease and other acquisition costs of $2,000 Dry-hole costs of an exploratory well, $400,000 Successful well costs, $600,000 Cost of production facilities, $500,000 Production costs, $40,000