Hard Luck Oil Company incurred the following costs during 2008:

a. began drilling an exploratory-type stratigraphic test well, incurred \($50,000\) of IDC

b. began drilling an exploratory-type stratigraphic test well, incurred \($80,000\) of IDC and \($10,000\) in equipment costs

c. began drilling a development-type stratigraphic test well, incurred \($100,000\) of IDC

d. began drilling a development-type stratigraphic test well, incurred \($200,000\) of IDC and \($30,000\) in equipment costs 

The following results were obtained late in 2008:

a. well was determined to be dry

b. well found proved reserves

c. well found proved reserves

d. well was determined to be dry Prepare the necessary entries.